James Packer has indicated he is open to selling his Crown stake to Blackstone, as Consolidated Press Holdings taps Moelis for advice.
James Packer has indicated he is open to selling his Crown stake to Blackstone, as Consolidated Press Holdings taps Moelis for advice.

Packer taps Moelis to advise on potential Crown sale

James Packer has flagged he is open to selling his 37 per cent stake in Crown Resorts to US private equity firm Blackstone, with his holding company Consolidated Press Holdings confirming it has appointed Moelis Australia as an advisor in relation to the $8bn indicative bid for the casino group.

"CPH welcomes the Crown board's announcement that it will commence a process to assess the Proposal and it will also engage with relevant stakeholders including regulatory

authorities about the proposal," the holding company said in a statement on Tuesday.

"CPH notes that the Crown announcement confirms that there is no certainty that the

Proposal will result in a transaction.

"CPH has retained Moelis Australia as its investment-banking advisor in relation to its

approximate 37 per cent shareholding in Crown.

"CPH is open to considering, and will independently assess, any suitable transaction for

Crown shares that may eventuate. CPH will closely follow future announcements by the

Crown Board in relation to the proposal."

Blackstone, which holds a 10 per cent stake in Crown, has made an opportunistic swoop while Crown is in the middle of getting its house in order following the devastating findings of the Bergin inquiry in NSW and as it braces for weeks of hearings of royal commissions in Victoria and Western Australia.

Separately on Tuesday, Crown Resorts confirmed Nigel Morrison has officially taken up his position as a non-executive director of the company after clearing all necessary regulatory approvals.

Mr Morrison's appointment was announced in late January. He has previously served as chief operating officer of Crown Melbourne casino and CEO of New Zealand gaming group SkyCity.

 

Crown Resorts is the subject of a conditional takeover offer from Blackstone. Picture: NCA NewsWire / David Crosling.
Crown Resorts is the subject of a conditional takeover offer from Blackstone. Picture: NCA NewsWire / David Crosling.

 

Originally published as Packer taps Moelis to advise on potential Crown sale


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