Crown Resorts receives $8b takeover bid from private equity giant Blackstone

Troubled casino giant Crown Resorts has received a takeover bid from the private equity group Blackstone.

The James Packer-backed group said on Monday morning that it received the unsolicited, non-binding and indicative proposal from Blackstone on Sunday worth $11.85 per share. The price would value Crown’s operations at $8 billion.

“The Crown Board has not yet formed a view on the merits of the proposal,” the company said in an ASX statement.

“It will now commence a process to assess the proposal, having regard to the value and terms of the Proposal and other considerations.”