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Court approves $8.9b Crown takeover

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The $ 8.9 billion Crown Resorts principle by U.S. private giant Blackstone passed its last hurdle after the federal court approved the scheme.

Billionaire James Packer, who owns 37 per cent of Crown shares, will receive $ 3.26 billion after the Melbourne-based court approved the deal on Wednesday.

Crown’s attorney David Batt QC made some last-minute changes to the contract, including that about $ 67 million in shares to be excluded.

“In our submission, the scheme is in all respects appropriate for approval in court,” he said.

Judge Stewart Anderson approved the contract and amendments.

The acceptance ended the year of turmoil for Crown after requests from NSW, Victoria and WA all found the company not fit to run its casinos amid widespread law violations.

In May, the casino giant said 92 percent of Crown shareholders supported the scheme, with 99.9 percent of the shares thrown in favor.

Blackstone is a private equity firm listed on the New York Stock Exchange that invests on behalf of pension funds, large institutions and individuals.

– AAP

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Court approves $8.9b Crown takeover Source link Court approves $8.9b Crown takeover

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