Crown Resorts Gets Increased Buyback Proposal From Oaktree
June 14 2021 - 7:27PM
Dow Jones News
By Stuart Condie
SYDNEY--Australian casino operator Crown Resorts Ltd. said
Oaktree Capital Management has raised the size of the financing it
proposes to fund a buy back of shares held by billionaire James
Packer's investment firm.
Crown on Tuesday said it had received a revised proposal from
Oaktree to provide a funding commitment of up to 3.1 billion
Australian dollars (US$2.39 billion) to buy back some or all of the
37% stake held by Mr. Packer's firm, Consolidated Press Holdings.
Oaktree in April proposed a A$3 billion facility.
The board has not yet formed a view of the proposal, Crown
said.
Last month, Crown rejected an improved takeover offer from U.S.
private-equity firm Blackstone Group Inc., saying it undervalued
the company and presented too much regulatory uncertainty. It has
also asked Australian rival The Star Entertainment Group Ltd. for
more information on a merger proposal that Star made in May.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
June 14, 2021 19:17 ET (23:17 GMT)
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