Business
James Packer backs Crown Resorts board on Blackstone bid – The Australian Financial Review
James Packer is backing the commitment he made to the Bergin inquiry to allow the Crown Resorts board of directors to act independently and in the interests of…
He could have made a public commitment to accept the proposed $11.85-a-share bid and thereby pressure the board. Blackstone owns 9.9 per cent of Crown and Packer owns 36.8 per cent.
Blackstones bid is conditional on the unanimous recommendation of the Crown board and a unanimous Crown board recommendation and a commitment from all Crown directors to vote in favour of the proposal (in the absence of a superior proposal and subject to an independent expert concluding that the proposed transaction…
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