Crown Resorts received an acquisition proposal from an investment group representing Oak Capital Management. The bid, valued at a maximum of $3 billion AUD (equivalent to $2.32 billion USD), aims to acquire the Crown shares presently under the ownership of Consolidated Press Holdings (CPH). CPH, controlled by tycoon James Packer, stands as Crown’s most substantial individual stakeholder, possessing a 36.8% ownership interest in the enterprise.
Although in its initial stages and lacking binding commitments, the proposition would entail a targeted repurchase of a portion, or potentially the entirety, of CPH’s holdings in Crown. Crown Resorts underscored that any such repurchase would necessitate the endorsement of its shareholders, with the exception of CPH and its associated entities.
The board of directors at Crown has not yet reached a conclusion regarding the merits of the Oak Capital proposal and will be conducting a comprehensive evaluation. At present, Crown shareholders are advised that no immediate action is required from them, and there is no guarantee that this overture will culminate in a finalized agreement.
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