Crown Resorts are the Aussie casino group that's majority owned by James Packer. And they've been in a little...ok, a lot...of trouble lately.
Background: Crown Resorts are the Aussie casino group majority owned by billionaire James Packer. And they've been in a little...ok, a lot...of trouble lately.
What happened: Earlier this year, there was a Royal Commission into whether Crown Melbourne should be allowed to hold its casino licence (yes)...then again, for its Sydney location (no)...and again for its Perth location (the jury's still out).
What else: Blackstone are a US private equity firm with major stakes in Ancestry.com, Bumble and Spanx. And this crew have been chasing Crown all year. They've just made their third (and largest) takeover offer of $8.5 billion, and experts say Crown should let them take a peek at their books for a lil due diligence.
💡Due diligence is where a buyer (aka Blackstone) reviews information that's provided by a seller (Crown). Then, the buyer can progress with buying the company if it likes what it sees.
💡But the seller (Crown) is actually under no obligation to hand over all their private info (like balance sheet, company processes and procedures) if they aren't keen on the offer.
💡In this case, analysts reckon Blackstone's offer is finally good enough for Crown to let them take a peek.
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