Crown Resorts Gets Increased Buyback Proposal From Oaktree

   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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