Investors in Crown Resorts have overwhelmingly endorsed a buyout proposal from Blackstone, bringing the casino powerhouse a step closer to being acquired.

A Blackstone affiliate, SS Silver II Pty, initially approached Crown in March 2021 with an $8.1 billion AUD (5.7 billion USD) valuation, even as the casino entity grappled with ongoing compliance challenges.

Crown’s board rebuffed the opening proposition, prompting two amended offers in May and November of 2021.

Ultimately, on February 14, 2022, the board greenlit an enhanced offer, appraising the gaming corporation at $8.9 billion AUD ($13.10 per share). The arrangement would be structured as an all-cash deal.

“The Board has thoroughly evaluated Blackstone’s proposition and unanimously advises that Crown shareholders embrace the proposal, contingent upon standard stipulations such as an independent expert determining the transaction aligns with the best interests of Crown shareholders and the absence of a superior proposition,” stated Crown Chairman Ziggy Switkowski at the time.

Following 15 months of contemplation, the acquisition seems primed for completion, with 99.91% of shareholder votes cast in support of the agreement.

Crown Resorts has petitioned the Federal Court of Australia to request final authorization, although the transaction also relies on Blackstone securing gaming regulatory consent.

The first court appearance is set for May 24th, though it could be moved to the week of June 6th should additional time be required for document examination.

Should authorities approve, the purchase will be completed within one week of the court session ending, at which time Crown investors will receive payment.

Crown Resorts’ desirable sites and earnings capacity were alluring enough to garner a takeover bid, despite the fact that its legal challenges probably affected its worth leading up to the agreement.