Posted on 03/21/2021 3:56:00 PM PDT by ameribbean expat
(Reuters) - Beleaguered casino operator Crown Resorts Ltd said on Monday it received a buyout offer from private equity company Blackstone Group Inc that values the company at A$8.02 billion ($6.19 billion).
The offer was priced at A$11.85 per share, a premium of 20.2% to Crown's closing price of A$9.86 on Friday.
Blackstone currently has a 10% stake in Crown which it bought from Macau's Melco Resorts & Entertainment Ltd in April last year, making it the second-largest holder in Crown after the company's billionaire founder James Packer.
(Excerpt) Read more at mobile.reuters.com ...
“Your casino loses money. Maybe we can do better.”
“You think I scam?”
“You’re unlucky.”
Packer is still alive? Maybe I’m confusing him with his father but the stories I’ve heard is he used to be one hell of a party guy. Paid off a cocktail waitress’ mortgage once (and that caused a massive dispute about sharing tips among the staff). He later fell over with a heart attack while betting $1 million a hand at blackjack. They saved his life and he went and paid to install defibrillators in all his favorite casinos. I think this was before he actually owned any casinos.
Is that from The Cooler?
Packer also took a hit in Hollywood as he was one of the key financial backers in Bret Ratner’s movie production company.
That’s Michael Corleone negotiating with Moe Green in The Godfather.
Ah yes of course. Though negotiations ended rather quickly once he found out Moe was slapping Fredo around.
You’re thinking about Kerry Packer, the old man. He’s dead and this is the kid, James. Kerry was a Murdoch size legend. The kid is in over his head and has already had at least one breakdown.
“So Blackstone can run the Fed’s trading account”
I think that’s BlackRock. Blackstone does private equity and real estate.
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