Australian billionaire James Packer is selling Crown Resorts about a decade and a half after he founded it. Photo: Reuters.
Australian billionaire James Packer will cash in his chips after his company Crown Resorts approved a $6.3-billion buyout by US private equity giant Blackstone.
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”.
Beijing Judian Chuxing Technology was just one of a series of partnerships ride-hailer Didi struck…
A source close to the Chinese insurer, which pushed for the Asia business spin-off, say…
Biden's team is divided on whether to drop or expand tariffs imposed by Trump on…
Asian shares pushed higher on Thursday as investors bet on the pace of interest rate…
Chinese scientific research accounts for almost a quarter of the world's output, the report said,…
Developing countries should think twice before taking loans via China's Belt and Road scheme given…