James Packer is faced with the ultimate conundrum: he wants out of his Crown casino empire, but the proposal that will deliver an exit strategy comes from the rival casino group | EKnightOfficial
It’s payback time. The Star looks to merge with Crown.In what can only be described as a commercial game of thrones, the bidding war between Star and Blackstone also pits these former allies against each other. Up until a few months ago the two parties had been working together to stitch up a deal to buy Crown. After months of discussions Blackstone defected from the camp and went alone. It left Star out in the cold.
The deal will not deliver Packer a complete exit. If he takes the maximum amount he is capable of receiving in cash and the remainder in shares, he will wind up with a stake in the merged casino group of between 10 and 20 per cent - compared with the 37 per cent stake he currently holds in Crown. It will certainly be neat. In the first instance it will overcome many of the regulatory hurdles that currently dog Crown. It would provide Crown with a ready-made management and some board members - all of whom have received probity.
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