SYDNEY: Crown Resorts Ltd has rejected as too low an A$8.4bil (US$6.5bil or RM26.84bil) takeover offer from Blackstone Group Inc, handing the advantage to rival suitor Star Entertainment Group Ltd.
Directors unanimously decided the United States buyout firm’s bid undervalued the company and there was uncertainty about the timing and regulatory approval for any deal, the Australian casino operator said. Crown said it discussed the proposal, which had already been sweetened, with Blackstone, watchdogs and its own shareholders.