SYDNEY, AAP – Crown Resorts has told Blackstone to improve its offer if the private equity group is to take control of the casino operator.
Crown on Thursday declined the $8.46 billion offer ($12.50 per share) pitched last month but offered access to more financial data which could prompt Blackstone to raise its bid.
The private equity group has made three unsolicited bids since March.
Forager Funds Management chief investment officer Steve Johnson last month tipped that shareholders would not accept the latest offer.
A royal commission is examining whether Crown is fit to run the Perth casino and Mr Johnson said the uncertainty made it a good time to put a cash offer before shareholders.
The royal commission follows similar inquiries in NSW and Victoria which have found anti-money laundering controls lacking.
The troubles led to a clean out of the Crown board and the loss of its chief executive and chair.
Blackstone currently holds 9.99 per cent of shares, bought in April 2020.
Any takeover would require approval from casino regulators in Victoria, NSW and Western Australia.
Crown shares on the ASX were up 0.55 per cent to $11.00 at 1325 AEDT.