Investors & media
The acquisition of Crown Resorts Limited (Crown) by SS Silver II Pty Ltd, an entity owned by funds managed or advised by Blackstone Inc. and its affiliates (Blackstone), by way of scheme of arrangement (Scheme of Arrangement or Scheme) has now been implemented. The Scheme Consideration of $13.10 cash per Crown share was paid to Crown shareholders on 24 June 2022 in respect of Crown shares held at 7.00pm (Melbourne time) on 17 June 2022.
Quotation of Crown shares on the ASX was suspended at the close of trading on 15 June 2022. Quotation of Crown’s subordinated notes listed on the ASX under the code “CWNHB” has not been suspended.
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.
On 14 February 2022, Crown entered into a scheme implementation deed (Implementation Deed) with Blackstone, under which Blackstone would acquire all of the shares in Crown by way of a 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 15 June 2022, the Court made orders approving the proposed acquisition of Crown by Blackstone, following which Crown lodged an office copy of the Court orders with the Australian Securities and Investments Commission. As a result, the Scheme became legally effective and the quotation of Crown shares on the ASX was suspended from the close of trading on 15 June 2022.
On 24 June 2022, the Scheme was implemented and Crown shareholders were paid $13.10 cash per Crown share in respect of Crown shares held at 7.00pm (Melbourne time) on 17 June 2022.
ASX Announcements in relation to the Blackstone Transaction
- 24 June 2022 – Implementation of Scheme
- 15 June 2022 – Scheme legally effective
- 15 June 2022 – Federal Court of Australia approves Scheme
- 10 June 2022 – Blackstone receives GWC approval in relation to proposed scheme
- 9 June 2022 – ILGA - Blackstone gets green light to operate Crown Sydney
- 9 June 2022 – Blackstone receives VGCCC and ILGA approval in relation to proposed scheme
- 24 May 2022 – Scheme of Arrangement with Blackstone - Update
- 20 May 2022 – Crown shareholders vote in favour of Scheme
- 20 May 2022 – Chairman’s address and presentation slides
- 26 April 2022 – Scheme of Arrangement with Blackstone - Update
- 31 March 2022 – Letter to shareholders - Scheme Booklet and Scheme Meeting
- 30 March 2022 – Scheme Booklet registered with ASIC
- 29 March 2022 – Court approves convening of Scheme Meeting and distribution of Scheme Booklet
- 29 March 2022 – Blackstone receives FIRB approval in relation to proposed scheme
- 14 February 2022 – Crown enters into Implementation Deed with Blackstone
- 13 January 2022 – Revised Blackstone acquisition proposal
- 2 December 2021 – Update on the acquisition proposal from Blackstone
- 19 November 2021 – Crown receives acquisition proposal from Blackstone
- 17 May 2021 – Update on acquisition proposal from Blackstone
- 10 May 2021 – Revised Blackstone acquisition proposal
- 13 April 2021 – Modifications to Blackstone acquisition proposal
- 22 March 2021 – Crown receives acquisition proposal from Blackstone
- 1 May 2020 – Becoming a substantial holder
- 29 April 2020 – Blackstone advises of purchase of Crown shares