New Offer To Buy James Packer Shares For Crown

James Packer the majority shareholder

James Packer who holds the largest share of Australian casino operator Crown Resorts has received an offer from an asset management firm to acquire his entire stake. In a report to the Australian stock exchange from Crown it stated that an “unsolicited, preliminary, non-binding and indicative proposal” had been received worth $2.3 billion (A$3 billion).

Oaktree Capital Management  a US-based global asset management company made the bid to Consolidated Press Holdings, which is James Packer’s holding company Crown Resorts.

Crown said on the offer: “The Crown board has not yet formed a view on the merits of the Oaktree proposal,” The company went on to say. “It will now commence a process to assess the Oaktree proposal.”

Crown has been the focus of an entire buyout offer already from another US firm called Blackstone Group which the casino operator is still assessing.