市场见解

Crown (ASX:CWN) share price lifts as company opens door to Blackstone. But what about Star?

Blackstone has been invited to look over Crown, will Star be next?
The post Crown (ASX:CWN) share price lifts as company opens door to Blackstone. But what about Star? appeared first on The Motley Fool Australia. –

The Crown Resorts Ltd (ASX: CWN) share price is edging higher this morning after the company announced it’s allowing a prospective suitor non-exclusive due diligence despite its ungenerous bid.

Private equity firm Blackstone placed a $12.50 per share bid for Crown last month. The casino operator is giving Blackstone a look inside in hopes doing so will convince it to increase its offer.

The Crown share price has been up and down all morning but is currently $11. That’s 0.55% lower than its previous close.

Let’s take a closer look at what’s driving it on Thursday.

Crown share price falls on takeover news

The Crown share price is likely responding to news the company is letting Blackstone conduct due diligence after its third takeover offer.

This time, Blackstone is valuing the company at approximately $8.5 billion.

It’s a major step upwards from its previous offers. The fund put forward a bid of $11.85 per Crown share in March and one of $12.35 in May.

Today, Crown stated it had carefully considered the $12.50 per share offer, receiving feedback from shareholders and regulators before deciding it wasn’t great value.

However, it has offered Blackstone access to non-public information so it can revise its proposal to “adequately [reflect] the value of Crown”.

As of yesterday’s close, Blackstone’s bid represents a 14% premium on the Crown share price.

Additionally, reports fellow ASX-listed casino operator Star Entertainment Group Ltd (ASX: SGR) is preparing to make a move on its embattled peer emerged last night.

According to The Australian, Star has tapped Barrenjoey Capital Partners as an adviser, spurring some to think it might be about to pose its second takeover bid for Crown.  

Previously, Star proposed an all-scrip merger wherein Crown shareholders would receive 2.68 Star shares for each Crown security they held.

The competitor’s bid also included an alternative option that would see it paying $12.50 per share for up to 25% of Crown’s stock.

Right now, the Crown share price is around 11% higher than it was at the start of 2021.

The post Crown (ASX:CWN) share price lifts as company opens door to Blackstone. But what about Star? appeared first on The Motley Fool Australia.

Should you invest $1,000 in Crown right now?

Before you consider Crown, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Crown wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Here’s why this fund manager sold its Star Entertainment (ASX:SGR) shares

These were the best performing ASX 200 shares last week

Here are the top 10 ASX shares today

Why Crown, Mineral Resources, Sonic, and Treasury Wine are charging higher

ASX 200 (ASX:XJO) midday update: Crown jumps, WiseTech tumbles

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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