Australian Federal Court approves Blackstone’s acquisition of Crown Resorts
The Federal Court of Australia has today approved Blackstone’s AU$8.9bn (US$6.2bn) takeover of Crown Resorts.
The operator subsequently lodged an office copy of the orders made by the Federal Court with the Australian Securities and Investments Commission, making the acquisition “legally effective.”
The fully paid ordinary shares of Crown Resorts will be suspended from quotation at the close of trading today. “Quotation of Crown’s subordinated notes listed on the ASX under the code “CWNHB” will not be suspended,” added the operator.
Moreover, Crown Resorts will be removed from the S&P/ASX 200 prior to the open of trading on Monday 20 June.
Earlier this month, Blackstone was granted approval by the Victorian Gambling and Casino Control Commission (VGCCC), as well as New South Wales’ Independent Liquor and Gaming Authority (ILGA), for its proposed acquisition of Crown Resorts.
At the time, Fran Thorn, VGCCC Chair, said: “Our approval comes with stringent conditions which balance delivering stronger controls on the casino and ensuring it continues to be the flagship casino in Australia.”
The Federal Court’s approval was then all that remained for Blackstone to acquire Crown, by way of a scheme of arrangement.
This will be implemented on 24 June, at which time shareholders will be paid AU$13.10 per share, in respect of Crown shares held on Friday 17 June.
This effectively concludes a saga that began in March 2021 when Blackstone made its first proposal. This, and a subsequent proposal in May, were rejected, but a third proposal in November 2021, which was increased in January, received the backing of Crown’s Board.
Shareholders then approved the proposed acquisition in a near-unanimous vote taken in May.
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