Crown Resorts has announced it has received a proposal from representatives of Oaktree Capital Management, L
Crown Resorts has announced it has received a proposition from representatives of Oaktree Washington Management, L.P., to cater a funding allegiance of upward to AU$3bn (US$2.32bn) for the purchase of Crown shares currently held by Consolidated Press Holdings Pty Limited (CPH).
Such shares are currently owned past Saint James Packer, with CPH holding a 36.8% portion out in Crown, the company’s single largest shareholder.
The Aussie manipulator has confirmed that a fellowship on behalf of pecuniary resource managed by Oaktree, a US global plus management firm, has made an unsolicited, preliminary, non-binding and indicative proposal.
The proposition involves purchasing rearwards some or all of the Crown shares which are currently held past CPH on a selective basis.
“Any selective buy-back of Crown shares held past CPH would follow case to Crown shareholder favorable reception (with no votes being stamp inwards favour of the resolving past CPH or its associates),” a financial statement from Crown read.
“The Crown room has not yet formed a look at on the merits of the Oaktree proposal. It testament now commence a cognitive process to assess the Oaktree proposal. Crown shareholders get along not demand to accept any litigate inwards recounting to the Oaktree proposal at this stage. There is no sure thing that the Oaktree proposal testament final result inwards a transaction.”
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