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Date : 22/03/2021

Big takeover offer, will the Crown (ASX:CWN) share price rocket?

Blackstone is an American private equity firm that currently owns 9.99% of Crown Resorts. This morning, Crown Resorts confirmed that they received a takeover bid from Blackstone for $8.02 billion or $11.85 a share. This has sent Crown shares soaring as they ended trading at $11.97 a share – 21% higher.

Crown Resorts has been under immense pressure as The Royal Commission in New South Wales found that the casino is unfit to hold a license as they found millions of dollars being laundered through the casino. While it has been a well known fact that the current management of Crown is not in any position to lead the firm, the takeover bid from Blackstone may be a beginning of the end for Crown Resorts. Blackstone is one of the biggest private equity firms in the world and their management is top class, as it should be.

The takeover bid is still subject to due diligence, debt financing and of course, the support of the board of directors at Crown Resorts. On the other side of the table, a successful takeover bid will mean that Blackstone will have to gain the confidence of Australian regulators that they can run casinos. Following the takeover bid, other gaming stocks were upbeat and gained momentum as well. Star Entertainment Group (ASX: SGR) ended trading 3.91% higher at $3.99 a share.

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