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Blackstone Might Must Increase Bid for Crown Resorts, Says JPMorgan | Bet-Now
  • Wed. Jul 28th, 2021

Blackstone Might Must Increase Bid for Crown Resorts, Says JPMorgan

ByBet-Now

Mar 23, 2021

Posted on: March 22, 2021, 03:42h. 
Final up to date on: March 22, 2021, 03:59h.

Todd Shriber Learn Extra

Blackstone (NYSE:BX) is providing $6.2 billion for Crown Resorts. However that is probably not sufficient to get the Australian gaming firm to come back to the bargaining desk.

Crown Resorts’ built-in resort in Perth, Australia. The corporate could not settle for Blackstone’s $6.2 billion buyout provide. (Picture: The Market Herald)

On Sunday, Crown mentioned it obtained the proposal from the personal fairness agency, valuing the goal at $9.16 a share ($11.85 in native forex) — a 20.2 p.c premium to the place the inventory closed on Friday, March 19. That was sufficient to ship Crown inventory larger by 21.4 p.c in Sydney buying and selling. However it might not compel the embattled gaming firm to conform to the all-cash phrases.

Based mostly on the place Crown (CWN) was buying and selling previous to COVID-19 (and with the upside potential of Barangaroo) our preliminary view is A$11.85 per share can be inadequate for approval from shareholders and the board,” in response to JPMorgan analysts. “CWN’s share worth is discounted from the pending Royal Commissions, and this bid signifies Blackstone’s valuation for the actual property property (with the on line casino licenses as risk-adjusted upside).”

In confirming receipt of the Blackstone bid, Crown didn’t instantly flip it again. The on line casino operator mentioned it’s board doesn’t but have a view on the proposal, and that it’s beginning the method of evaluating the provide.
Win-Win for Blackstone
Blackstone, the world’s largest personal fairness agency, is in an enviable place concerning the Crown overture. The corporate owns 10 p.c of Crown – the second-largest slice behind founder James Packer. It’s additionally deep within the cash on that stake after buying it final yr on a budget from Melco Resorts & Leisure (NASDAQ:MLCO).

Meaning Blackstone made loads of cash as we speak when Crown inventory surged. It additionally means the investor doesn’t must up its bid, as a result of it might stand pat and wait to see if one other suitor emerges. There have been rumors to that impact involving Las Vegas Sands (NYSE:LVS).

In the end, Blackstone can wait issues out, betting {that a} larger provide doesn’t come alongside, and wind up buying Crown outright. The sale would come as a result of the corporate could resolve that amid intensifying regulatory scrutiny in its dwelling market, promoting is in the most effective curiosity of its traders.
Potential Pitfalls
Whereas Crown is coping with a slew of inquiries into its suitability to carry gaming permits in Australia, that doesn’t essentially imply it must promote.
JPMorgan says the gaming firm may choose to lease its Crown Sydney built-in resort to rival Star Leisure because it waits to clear regulatory headwinds. That concept has been floated by different analysts, and with Crown’s strong stability sheet, it doesn’t must run right into a sale merely due to near-term stress.
Moreover, Blackstone or any purchaser wants to attend for Australian officers to log off on suitability — a course of that would take a number of years.
Yet one more factor: Crown may merely scoff on the Blackstone overture and say it undervalues the corporate. In any case, Wynn Resorts (NASDAQ:WYNN) supplied $7.1 billion for Packer’s firm two years in the past.

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