Crown Resorts, the biggest owner and operator of land-based casinos in Australia, is one step closer to changing ownership as the company’s shareholders approved the takeover bid from Blackstone Group.
The shareholders meeting took place on 20 May and 92.05 percent of the participants voted in favor of the acquisition. Moreover, 99.91 percent of the votes cast by shareholders backed the takeover bid.
Initially the vote was supposed to take place on 26 April but it was postponed because Blackstone announced that it had not received all the necessary regulatory approvals.
Now Crown Resorts will have to present the deal in a court hearing, and if that goes well the court order would be later submitted to the Australian Securities and Investments Commission. After that step, the scheme will finally become legally effective and the Crown Resorts shares will be suspended from trading on the Australian Securities Exchange.