Crown Resorts is delaying the vote on Blackstone's takeover bid, now scheduled for 10am Melbourne time on 20 May, instead of the previously set date of 29 April. Shareholders will have the option to vote by proxy until 10am Melbourne time on 18 May. The postponement stems from Blackstone not yet receiving all necessary gaming regulatory approvals as outlined in the scheme implementation deed.
In March, Crown released a document outlining reasons for shareholders to vote for or against the acquisition. Crown has been actively encouraging its shareholders to support the deal, warning that those who oppose it may face risks related to ongoing investments in Crown's business operations. This appeal to shareholders was reiterated on 26 April coinciding with the announcement of the meeting's postponement.
Crown's business activities have faced significant scrutiny in recent years. In February 2021, a probe concluded that Crown was unsuitable for operating a casino in Barangaroo, Sydney, due to money laundering evidence. Later that year, it was also deemed unsuitable in Victoria after being found to have engaged in 'illegal, dishonest, unethical and exploitative' conduct. In February 2022, Crown was similarly deemed ineligible to run its casino in Perth.
Blackstone initially proposed a bid of AUS$8.02 billion (£4.47 billion/€5.21 billion/US$6.19 billion) for Crown in 2021, which was rejected. The bid was subsequently raised to AUS$8.87 billion and received unanimous approval from Crown's board.
