Crown Resorts postpones vote on Blackstone acquisition proposal
Crown Resorts has deferred a planned meeting concerning Blackstone's acquisition of the company, as the private equity firm has not yet obtained the requisite approvals.
During the scheme meeting, Crown shareholders may vote in favour of or against the acquisition.
The meeting originally scheduled for 10 AM Melbourne time on 29 April has been rescheduled to 10 AM Melbourne time on 20 May. Shareholders may cast their votes via proxy prior to 10 AM Melbourne time on 18 May.
Crown stated that Blackstone had not obtained the requisite gaming regulatory clearances under the plan implementation document, prompting the decision to defer the meeting.
In March, Crown published a plan document prior to the meeting, outlining the reasons for Crown shareholders to support or oppose the acquisition.
Crown urged shareholders to endorse the sale, cautioning that they would face “the uncertainties and risks associated with a continued investment in the Crown business or assets” alongside the document's release.
The identical statement, urging shareholders to support the purchase, was restated today (26 April) alongside the notification of the scheme meeting's delay.
Crown's commercial activities have recently been the focus of several investigations. In February 2021, Crown was classified as ineligible to run a casino in Barangaroo, Sydney, following a probe that revealed evidence of money laundering within its establishments.
Subsequently, Crown was deemed unfit to operate a casino in Victoria, following an inquiry that concluded the company had participated in “illegal, dishonest, unethical, and exploitative” practices.
In February 2022, Crown was deemed ineligible to operate their casino in Perth.
In 2021, Blackstone initially proposed a proposal of AUS$8.02 billion (£4.47 billion/€5.21 billion/US$6.19 billion) to purchase Crown.
The proposal was declined, prompting Blackstone to increase the offer to AUS$8.87 billion. The Crown board accepted this unanimously.
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