Crown Resorts received a proposal from Oaktree Capital Management, L.P. to provide A.U. $3 billion for purchasing their shares. Consolidated Press Holdings Pty Limited (CPH) currently holds it.
James Packer currently owns such shares, with CPH holding a 36.8% stake in Crown, making it its single largest shareholder.
Moreover, the Australian operator has revealed that a company on behalf of funds managed by Oaktree, a U.S. global asset management firm, has made a non-binding and indicative proposal.
Above all, on a selective basis, the proposal includes buying back some or all of the Crown shares currently held by CPH.
A statement from Crown said, “Any selective buy-back of Crown shares held by CPH would be subject to Crown shareholder approval. But, it will be with no votes cast in favor of the resolution by CPH or its associates.”
“The Crown board has not yet formed an opinion on the merits of the Oaktree proposal. It will now begin a process to assess the Oaktree proposal. At this point, there is no need for Crown shareholders to take any action in response to the Oaktree proposal. There is no guarantee that the Oaktree proposal will lead to a transaction.”