Business
Godzilla vs Kong as private equity titans battle it out for Packer’s Crown – Sydney Morning Herald
Both Blackstone and Oaktree Capital Management are attempting to capitalise on the billionaire casino mogul’s position as a stranded-owner.
What we do know is that Oaktree would be issued with some kind of structured instrument – some of which would count as equity (say 9.9 or 19.9 per cent) of Crown and the remainder as debt. This would, in theory, allow Oaktree to avoid or minimise any regulatory scrutiny.
Both the Blackstone and the Oaktree proposals would need the sign-off from Helen Coonans Crown board. Under Oaktrees proposal, Packer doesnt get to vote his stake but unless he is a willing seller there is little point in the board…
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