Australia's Crown backs $6.3 bln Blackstone buyout

Australia's Crown Resorts said on Monday it would accept a 6 billion U.S dollar takeover offer by investment giant Blackstone.

After a lengthy saga for one of the country's largest casino operators that included a federal probe and a public inquiry over governance and anti-money laundering control, shareholders will finally see the light at the end of the tunnel.

The latest offer is 11 percent higher than Blackstone's first bid in March last year.

The all-cash offer was welcomed by Crown and shares apiece are up 2 percent.

Last year, Crown got several bids from Blackstone aswell as an offer from rival Star Entertainment which was later withdrawn.

Crown founder James Packer, who has a 37% stake in the company, declined to comment.

A shareholder meeting to vote on the deal is expected to be held in the second quarter in June.

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