Packer revealed during probity hearings in Sydney that he was suffering from bipolar disorder and had been battling serious mental health issues.Īfter damning evidence about his role in Crown, Packer made it clear to the regulator that he would no longer seek to take an active management role in the casino empire he created. This does not include any takeover premium and is based on the three-month average price of Crown shares prior to 19 March, when Crown received another takeover offer, from the US private equity group Blackstone, causing its share price to jump.īut whether the offer is attractive to Crown’s largest shareholder, James Packer, who holds a controlling 37%, remains to be seen. Star’s offer involves Crown investors being granted 2.68 Star shares. The casino was potentially a serious threat to Star Sydney.
Crown has been negotiating with the regulator over what steps it must take to become suitable. Star would also take control of Crown’s Barangaroo high-roller casino, which is completed but has been prevented from opening after the New South Wales regulator, the Independent Liquor and Gaming Authority, found Crown was no longer suitable to hold a casino licence. Only the casinos in Adelaide and Tasmania are owned by other groups. The proposal by Star was announced to the ASX this morning and involves a merger of the two groups to create a single casino operator which would have operations in most major capital cities.
