(Adds deal detail, background)
Jan 13 (Reuters) - Australia's Crown Resorts Ltd (CWN) is planning to favourably consider a higher offer from U.S. investment giant Blackstone Inc BX.N that valued it at A$8.87 billion ($6.46 billion), the casino firm said on Thursday.
Blackstone has now offered Crown shareholders A$13.10 per share compared to the previous bid of A$12.50, which was termed as not "compelling https://www.reuters.com/business/australias-crown-says-blackstones-62-bln-buyout-offer-not-compelling-2021-12-01/#:~:text=N)%20%246.2%20billion%20buyout%20offer,inquiries%20for%20a%20revised%20proposal
". Following the latest offer, Crown Resorts said https://events.miraqle.com/DownloadFile.axd?file=/Report/ComNews/20220113/02475175.pdfit will engage with Blackstone on a non-exclusive basis and provide the investment manager "the opportunity to finalise its due diligence inquiries".
If Blackstone makes a binding offer of at least A$13.10 per share and if there are no superior offers, Crown said its board aims to recommend it to shareholders to "vote in favour of the proposal".
Blackstone did not immediately respond to a request for comment.
($1 = 1.3727 Australian dollars) (([email protected]; Twitter: https://twitter.com/sameer_manekar))
