Investors & media

Blackstone Transaction

As announced on 14 February 2022, Crown Resorts Limited (Crown) entered into a scheme implementation deed (Implementation Deed) with a company on behalf of funds managed or advised by Blackstone Inc. and its affiliates (together, Blackstone), under which Blackstone would acquire all of the shares in Crown by way of a scheme of arrangement (Scheme of Arrangement or Scheme) at a price of $13.10 cash per share (Blackstone Transaction).

Crown’s announcement on 14 February 2022 included a copy of the Implementation Deed, which sets out the terms and conditions of the Blackstone Transaction and associated matters. The announcement is available here.

On 29 March 2022, the Federal Court of Australia (Court) made orders to the following effect in relation to the Scheme:

  • that Crown convene and hold a meeting of Crown shareholders to consider and vote on the Scheme (Scheme Meeting); and
  • approving the distribution of an explanatory statement providing information about the Scheme (Scheme Booklet) to Crown shareholders.

On 30 March 2022, Crown announced that the Scheme Booklet had been registered with the Australian Securities and Investments Commission.

The Scheme Booklet includes a copy of the independent expert’s report prepared by Grant Samuel & Associates Pty Limited and the notice of meeting for the Scheme Meeting.

A copy of the Scheme Booklet is available here.

On 20 May 2022, the Scheme Meeting was held virtually, at which Crown shareholders voted in favour of the Scheme.

A replay of the Scheme Meeting is available to be viewed here.

On 24 May 2022, the Court made orders adjourning the final Court hearing to approve the Scheme to a date to be fixed. The date of the final hearing depends on when the condition precedent relating to Blackstone obtaining gaming regulatory approvals is satisfied. At that point, Crown will seek to have the final hearing fixed for the earliest possible date. Crown’s current estimate as to when the final hearing will take place is the week commencing 6 June 2022.

Crown will announce via the ASX announcements platform material developments in respect of Blackstone’s gaming regulatory approvals and, in due course, the date for the final Court hearing to approve the Scheme. Crown will also publish the date for the final Court hearing on this page once it is known.

If the Court approves the Scheme, a copy of the Court orders will be lodged with ASIC, following which the Scheme will become legally effective, and Crown shares will be suspended from trading on the ASX.

Subject to all conditions being satisfied, it is expected that the Scheme will be implemented on approximately the 7th business day following the date on which the Scheme becomes effective, at which time Crown Shareholders will be paid their Scheme consideration.

You can find additional information relating to the Blackstone Transaction in various announcements Crown has lodged with the ASX below.

If you have any questions regarding the Scheme, please contact the Crown Shareholder Information Line on 1300 659 795 (within Australia) or +61 3 9415 4254 (outside Australia), between 8.30am and 5.30pm (Melbourne time), Monday to Friday.

ASX Announcements in relation to the Blackstone Transaction