Blackstone rolls the dice with $6.2 billion move on Australia’s Crown Resorts
Byron Kaye, Rashmi Ashok, 22 March 2021
Crown shares leapt more than 20% after it disclosed the informal offer on Monday, passing Blackstone’s indicative price of A$11.85 as investors wagered a bigger payment could be in the offing from the world’s No. 1 private equity firm or another suitor.
“It’s nice to get a bid, and now it’s about price discovery,” said John Ayoub, a portfolio manager at Wilson Asset Management, which has Crown shares.
“These stocks are trading at trough earnings and I wouldn’t be surprised to see further activity in the sector.” Continue reading “Article: Blackstone rolls the dice with $6.2 billion move on Australia’s Crown Resorts”
