Crown Resorts (ASX:CWN) receives new takeover offer from Blackstone

Gambling and entertainment giant Crown Resorts (ASX:CWN) has received a fresh takeover bid from global investment business, Blackstone. 

Blackstone has proposed a non-binding offer of $12.50 cash per share to acquire all shares in Crown by way of a scheme of arrangement, and will be reduced by the value of any dividends or distributions declared or paid by Crown.

This comes after Blackstone made a proposal in March this year to acquire the company for $11.85 per share, then revised to $12.35 per share a few weeks later. Blackstone currently has a 9.99 per cent stake in Crown which it acquired from Melco Resorts & Entertainment for $8.15 per share in April last year. 

The proposal is subject to a number of conditions. Crown said its shareholders do not need to take any action at this stage while they assess the proposal.

Shares in Crown Resorts (ASX:CWN) are trading 16.2 per cent higher at $11.50.