James Packer’s Crown Resorts has rejected Blackstone Group’s A$8.4 billion ($6.5 billion) offer to acquire the Australian casino giant, while considering the merger proposal made by Star Entertainment Group last week.
Star’s merger proposal came hours after Blackstone raised its takeover offer to A$12.35 per share from A$11.35 each. “The board has unanimously concluded that the revised proposal undervalues Crown and is not in the best interests of Crown’s shareholders,” Crown said in a statement to the Australian bourse.
While Crown said its board has not yet formed a view on the merits of Star’s competing bid, the company had asked Star to provide certain information
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