Crown Resorts (ASX: CWN) has today given suitor Blackstone access to non-public information for due diligence purposes, despite saying the investment fund’s $8.5 billion bid undervalues the gambling and hotels company.
In an ASX update on the acquisition proposal, Crown says its board has “carefully considered the proposal” - Blackstone’s third - which would see the US company acquire all shares in the Melbourne-based business for $12.50 per share.
However, the board says “the proposal does not represent compelling value for Crown shareholders”.
Despite that, Crown has today offered Blackstone the opportunity to access non-public information for due diligence purposes on a non-exclusive basis “so that it can formulate a revised proposal that adequately reflects the value of Crown”.
“The provision of such information is conditional on Crown and Blackstone entering into an appropriate confidentiality agreement,” says Crown.
“The Crown board is focused on maximising value for Crown shareholders and will carefully consider and proposal that is consistent with this objective.”
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support