Changes are happening - please bear with us while we update our site.

Changes are happening - please bear with us while we update our site. Click here to give us your advice and feedback.

Crown (ASX:CWN) share price under spotlight on takeover update

The Crown Resorts Ltd (ASX:CWN) share price is under the spotlight after announcing an update about the potential Blackstone takeover. 

The Crown Resorts Ltd (ASX: CWN) share price is under the spotlight after announcing an update about the potential Blackstone takeover.

What was the update?

Crown reminded investors that the proposal was subject to a number of conditions, including a condition that Blackstone receive regulatory confirmation that a Blackstone-owned Crown is considered a suitable person to continue to own and operate the Sydney, Melbourne and Perth licences.

Blackstone has written to the casino business saying it was modifying its regulatory approval condition.

Blackstone wants to receive approval from each relevant regulatory authority to acquire 100% of the issued shares.

It also said that Crown’s Victorian or Western Australian casino licence can’t be, or is threatened to be, cancelled, suspended or surrendered (or subject to a similar action), or ILGA confirms, or threatens to confirm, that Crown’s NSW licence is not to be granted (or subject to a similar action).

Blackstone also included conditions referring to gaming regulatory authorities imposing terms or conditions on Crown that would constitute a material adverse change.

It also referred to the royal commissions into Crown taking similar actions as mentioned above would also be a condition.

The casino business said the expectation of Blackstone is that it will receive probity approval from each of the state gaming regulators to acquire Crown’s shares by the third quarter of 2021.

The board are still assessing the offer, regarding the value and terms of the offer.

$50,000 per year in passive income from shares? Yes, please!

With interest rates UP, now could be one of the best times to start earning passive income from a portfolio. Imagine earning 4%, 5% — or more — in dividend passive income from the best shares, LICs, or ETFs… it’s like magic.

So how do the best investors do it?

Chief Investment Officer Owen Rask has just released his brand new passive income report. Owen has outlined 10 of his favourite ETFs and shares to watch, his rules for passive income investing, why he would buy ETFs before LICs and more.

You can INSTANTLY access Owen’s report for FREE by CLICKING HERE NOW and creating a 100% FREE Rask Account.

(Psst. By creating a free Rask account, you’ll also get access to 15+ online courses, 1,000+ podcasts, invites to events, a weekly value investing newsletter and more!)

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.
Skip to content