with regulators<\/a>. The New South Wales inquiry concluded the billionaire\u2019s influence on the company has been \u201cdeleterious\u201d and had \u201cdisastrous consequences.\u201d<\/p>\nInquiry chair Patricia Bergin, a former judge, criticized a secret information-sharing agreement between Packer and the Crown board that was not available to other shareholders.<\/p>\n
She also highlighted his close involvement with Crown\u2019s VIP gambling division, which did business with junkets that had links to organized crime and facilitated money laundering.<\/p>\n
Bergin stopped short of demanding Packer sell his shares. But recent regulatory turbulence is a major reason Packer has been willing to do so. <\/strong><\/p>\nThe company founder quit the board completely in 2018, citing mental health issues, and is eager to avoid stress. Previous deals to sell his stake to Wynn Resorts and Melco have fallen through.<\/p>\n
But will he be willing to sell to Oaktree?<\/p>\n
Not yet, at least according to one prominent Crown shareholder who told The Brisbane Times<\/em> that \u201cJames wants more than $12.\u201d<\/p>\nLast week, the New South Wales regulator said Packer and his personal investment company, Consolidated Press Holdings, had agreed to reduce their influence over Crown.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oaktree Capital Management wants to help Crown Resorts buy out its biggest shareholder, James Packer. Crown announced Monday morning that the private equity giant has proposed funding a A$3 billion (US$2.3 billion) deal to acquire Packer\u2019s 37 percent stake. The deal offers the billionaire the exit route he has sought for several years and a […]<\/p>\n","protected":false},"author":36,"featured_media":170984,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[],"acf":[],"yoast_head":"\n
Oaktree Capital Offer Would Buy James Packer Out of Crown Resorts<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n