Blackstone received GWC approval to acquire Crown Resorts
Θα ελέγχει τα ξενοδοχεία αλλά και τα καζίνο της Αυστραλιανής εταιρείας.
Crown Resorts Limited had entered into a scheme implementation deed with a company on behalf of funds managed or advised by Blackstone Inc. and its affiliates, under which Blackstone would acquire all of the shares in Crown by way of a scheme of arrangement at a price of $13.10 cash per share.
On 24 May 2022, the Court made orders adjourning the final Court hearing to approve the Scheme to a date to be fixed. Following satisfaction of the regulatory approvals condition precedent on 10 June 2022, the final Court hearing has been scheduled to occur at 10.00am (Melbourne time) on 15 June 2022.
If the Court approves the Scheme, a copy of the Court orders will be lodged with ASIC, following which the Scheme will become legally effective, and Crown shares will be suspended from trading on the ASX. Should the Court approve the Scheme, Crown will announce via the ASX announcements platform the indicative timetable for implementation of the Scheme, including when Crown Shareholders will be paid their Scheme consideration.
Crown Resorts official press release on GWC approval:
"Crown Resorts Limited refers to the proposed acquisition of Crown by SS Silver II Pty Ltd, an entity owned by funds managed or advised by Blackstone Inc. and its affiliates (Blackstone), by way of scheme of arrangement.
Crown has been advised by the Western Australian Minister for Racing and Gaming, and the Gaming and Wagering Commission of Western Australia (GWC), that Blackstone’s proposed acquisition of Crown by way of the Scheme has been approved.
The regulatory approvals condition precedent contained in clause 3.1(b) of the Scheme Implementation
Deed released to ASX on 14 February 2022 has now been satisfied. The Scheme remains subject to the
approval of the Federal Court of Australia (Court) at the final Court hearing in relation to the Scheme,
and other customary conditions precedent.
The final Court hearing has been scheduled on 15 June 2022. If the Court approves the Scheme at the
final hearing, Crown will announce an indicative timetable for implementation of the Scheme."