A prominent Australian casino operator, Crown Resorts, has received a buyout proposal from an investment vehicle associated with the well-known US asset manager, Oak Capital Management. The bid suggests an infusion of up to $3 billion AUD (roughly $2.32 billion USD) to secure the Crown shares presently under the ownership of Consolidated Press Holdings (CPH).
CPH, holding the majority stake in Crown at 36.8%, is controlled by tycoon James Packer.
Although this constitutes a preliminary offer contingent upon several factors, including consent from Crown’s investor base, it indicates a possible change in leadership for the Australian gaming behemoth. Crown’s governing body is currently evaluating the proposition and will chart its future course of action.