US Private Equity giant Blackstone has launched a takeover bid for Crown for $11.85 per share -- a 20% premium to the last traded price (minus any divs paid in the interim).

Blackstone already have a ~10% holding in Crown.

The board has yet to make a decision.

Frankly, I think it's an excellent deal given all of Crown's problems. It represents a PE of ~40x analysts forecasts for FY22 earnings.

Of course, this is an unsolicited, non-binding and indicative bid, subject to due diligence and other factors. Far from guaranteed that it will proceed.

If I were a shareholder, i'd be tempted to just sell on market today -- a bird in the hand and all that..

announcement here