Crown Resorts’ shareholders believe Blackstone’s $8 billion takeover bid for the beleaguered gaming giant will flush out more suitors, arguing the US private equity group’s bid undervalues the casino giant.
Shares in the James Packer-backed casino giant soared 21.4 per cent to $11.97 on Monday, closing above Blackstone’s offer price of $11.85 a share, suggesting the market expects the bid will have to be raised or a competing offer could emerge.
James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
