ICYMI: Crown Resorts said it will back a $6.3 billion takeover offer from U.S. private equity firm Blackstone as the lengthy takeover saga for Australia's largest casino operator nears its end
"Moving towards a new ownership structure is an important initial step forward in resolving the many regulatory concerns that have been highlighted," said Angus Gluskie, managing director of White Funds Management, which has Crown shares.
"In light of what's transpired over the past few years this is a good outcome for all parties involved," Ayoub said.The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. REUTERS/Jason Reed/File PhotoAs Crown's biggest shareholder with 37% of the company, Packer's vote will be pivotal to reach the 75% shareholder approval threshold. A spokesperson for Packer, who would walk away with about A$3.
Packer's journalist grandfather Frank Packer in 1936 started Australian Consolidated Press, a newspaper and magazine juggernaut that would dominate the country's media landscape for more than half a century. James, however, took the family business in a new direction, splitting the parent company Publishing and Broadcasting Ltd into Consolidated Media Holdings to retain the traditional assets and Crown Ltd, which spearheaded his gambling industry ambitions. He promptly sold the media assets.