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Packer will net $2.3 billion as his 37% stake in the company ends. This is in addition to the payouts he received over the years as Crown’s dereliction of duty and irresponsible money-handling processes were revealed.<\/p>\n<\/div>\n
Should regulators reject the deal for any reason, Packer can still walk away with billions of dollars. Part of the arrangement when Victoria put Crown on probation included a requirement that Packer sell most of his stake. As a result, whether Crown buys the company or not, Packer will need to find a buyer for his portion.<\/p>\n
The announcement of the voting results is already boosting Crown’s stock. On May 17, it was trading at AU$12.6 (US$8.94). It hit AU$12.82 (US$9.05) a share this morning before rising to AU$12.88 (US$9.10). <\/strong><\/p>\nThe stock price is down slightly now, trading at AU$12.84 (US$9.07) as of 4 PM local time. This is the highest it has been all year, and is almost where it was a year ago.<\/p>\n","protected":false},"excerpt":{"rendered":"
Crown Resorts shareholders are in favor of handing over the Australian casino operator to private equity firm The Blackstone Group. They voted today on the $6.6-billion offer, overwhelmingly supporting the move. Shareholders were initially going to vote on the sale of the company last month. However, Crown pushed back the date. The Brisbane Times reports […]<\/p>\n","protected":false},"author":64,"featured_media":214412,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,33810],"tags":[],"acf":[],"yoast_head":"\n
Crown Resorts Shareholders Approve Blackstone Takeover Bid - Casino.org<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n