SYDNEY — Blackstone Group Inc. made a takeover offer for Australian casino operator Crown Resorts Ltd. valued at $6 billion, as regulators investigate Crown’s business practices and threaten to rescind its casinos licenses.
The U.S. investment firm has offered 11.85 Australian dollars, or the equivalent of $9.15, a share for Crown, a 20% premium to its closing share price last week, Crown said Monday. The deal is conditional on Australian gambling regulators allowing Blackstone to own and operate Crown casinos in Sydney, Melbourne and Perth.
Crown
CWN,
The offer comes at a precarious time for Crown. Last month, an inquiry set up by the gambling regulator in New South Wales state determined Crown isn’t suitable to operate a new casino on Sydney’s waterfront.
An expanded version of this report appears on WSJ.com.
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