Packer, Crown’s biggest shareholder and founder, is one step closer to an exit route from the beleaguered Australian casino firm hit by scandals and regulatory setbacks.
A shareholder ballot with 99.91% of the votes in favour of the buyout effectively ended one of Australia’s most storied business dynasties.
Packer, who created the company about 15 years ago, will receive about $2.32 billion.
Last month, Crown Resorts had postponed its scheme meeting, saying that Blackstone had made good progress in obtaining the gaming regulatory approvals. Crown said it had scheduled a court hearing for the scheme on May 24.
Earlier, advisory firm Grant Samuel – which was appointed as an independent expert by Crown – said that the scheme consideration is “fair, even if none of the contingent liabilities arise”.
- Reuters, with additional editing by George Russell