News: CWN Crown Resorts Announces Revised Blackstone Acquisition Proposal

Jan 13 (Reuters) - Crown Resorts Ltd (CWN) :

• REVISED BLACKSTONE ACQUISITION PROPOSAL
• BLACKSTONE HAS MADE REVISED PROPOSAL AFTER CONSIDERING NON-PUBLIC INFORMATION PROVIDED BY CROWN DURING INITIAL DUE DILIGENCE.
• GOT A REVISED NON-BINDING PROPOSAL FROM A COMPANY ON BEHALF OF FUNDS MANAGED AND ADVISED BY BLACKSTONE INC. AND ITS AFFILIATES
• BOARD CONSIDERS THAT IT IS IN INTERESTS OF CROWN'S SHAREHOLDERS TO ENGAGE FURTHER WITH BLACKSTONE ON A NON-EXCLUSIVE BASIS FOR PROPOSAL
• HAS DECIDED TO PROVIDE BLACKSTONE WITH OPPORTUNITY TO FINALISE ITS DUE DILIGENCE INQUIRIES
• PROPOSAL TO ACQUIRE ALL OF SHARES IN CROWN BY WAY OF A SCHEME OF ARRANGEMENT AT A PRICE OF A$13.10 CASH PER SHARE
• REVISED PROPOSAL AT A PRICE OF A$13.10 CASH PER SHARE
• TO PROVIDE BLACKSTONE OPPORTUNITY TO NEGOTIATE TERMS OF IMPLEMENTATION AGREEMENT SO THAT BLACKSTONE CAN PUT FORWARD BINDING OFFER