Australia’s Federal Court has officially approved the $8.9 billion takeover bid of Crown Resorts
Australia’s Federal Court has approved US company Blackstone‘s $8.9 billion offer to take over Crown Resorts.
The acquisition is set to give James Packer a $3.36 billion pay day for his 37 per cent share.
Packer has been involved with the troubled casino business since 1999.
This court decision is the final hurdle in the approval process.
It means Crown will become a private company and no longer be listed on the Australian Stock Exchange.
Crown has been plagued by scandals including inquiries detailing money laundering and links to criminal gangs.
Katerina Kostakos contributed to this report.
