Blackstone tweaks conditions for $6 billion Australia Crown Resorts buyout [Reuters]
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Source: Reuters
By Reuters Staff 2 Min Read (Reuters) -Australian casino operator Crown Resorts Ltd said private equity giant Blackstone Group Inc modified the conditions of a proposed $6 billion buyout, saying the target must not lose further state licences before the deal is approved. Crown has already been found to be unfit to hold a gambling licence for its Sydney casino due to alleged links to organised crime, and faces quasi-judicial public inquiries into its operations in Victoria and Western Australia (WA), the two other states where it operates. Last month, the U.S. buyout specialist, which already owns 10% of Crown, offered to buy the Crown shares it does not already own for A$11.85 each, valuing the Australian company at A$8 billion ($6.1 billion). The modified conditions safeguard Blackstone against an adverse recommendation like the cancellation or suspension of its WA or Victorian licences by either inquiry before the deal is approved by courts, Crown said in a statement on Tuesday. Th
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