Shares of Crown Resorts soared 10.52 per cent to A$11.77 in Australia yesterday amid rumours that chief shareholder James Packer wants to take the company private.
Packer’s family already owns 53.1 per cent of Crown through Consolidated Press Holdings. He would reportedly raise $5bn with some other investors to buy the remaining shares of Crown, which has a market value of $8.6bn.
Among the possibilities is spinning off Crown’s real estate into a separate company, the Sydney Morning Herald said. Reportedly, Packer approached TPG about investing but the firm is not involved, the newspaper said.
Packer might already have begun the process of buying Crown, having raised his stake in the company by three percentage points last month.
Source: Fantini’s Gaming Report
