Crown rejects Blackstone's buyout proposal

Australia-listed Crown Resorts on Monday said it has formally rejected a takeover offer from U.S. private equity firm Blackstone, saying the proposal undervalues Crown and is not in the best interest of Crown's shareholders. "The board carefully considered conditions under the revised proposal, including the regulatory approval conditions. Despite Blackstone's modification of these conditions, the board believes there is significant uncertainty as to the timing and outcome of the regulatory approval process. As a result, the conditions of the revised proposal as currently understood present an unacceptable level of regulatory uncertainty for Crown shareholders." Crown also noted on the same day, that it continues to consider the merits of The Star Entertainment's merger proposal. Company release