Sky News business editor Ross Greenwood says private equity giant Blackstone’s takeover bid today saw Crown’s share price “really rocket”.
“It seems as though everybody understands that James Packer’s 37 per cent stake is in play and so as a result right now this takeover bid today saw the Crown’s share price really rocket,” Mr Greenwood told Sky News host Chris Kenny.
He said the reason for this is that Crown has been “languishing with questions about its licences”.
“And of course, there’s been a delay to it receiving a licence in New South Wales to be able to start gaming there; there’s a royal commission on in Western Australia, the results of Victoria is down – it’s held on to the licence there.”
He said Crown’s shares are up by $1.64 to $11.54.
“That’s 16.6 per cent, but even the astute person can see that the takeover bid here is $12.50, and so there’s almost another dollar on the plate if this bid were to succeed.”