(Reuters) -Shareholders of Australian casino operator Crown Resorts Ltd approved a $6.3 billion buyout by U.S. private equity giant Blackstone Inc on Friday, with 99.91% of the votes cast at its scheme meeting in favour of the deal.
Last month, Crown Resorts had postponed its scheme meeting, saying that Blackstone had made good progress in obtaining the gaming regulatory approvals, but have not yet obtained the necessary approvals.
The voting results take billionaire James Packer one step closer to an exit route from the beleagured Australian casino firm hit by scandals and regulatory setbacks and effectively ending one of Australia’s most storied business dynasties.
Crown said it had scheduled a court hearing for the scheme on May 24.
Earlier, advisory firm Grant Samuel – which was appointed as an independent expert by Crown – said that the scheme consideration is “fair, even if none of the contingent liabilities arise.”
Packer, Crown’s biggest shareholder and founder, will cash in his chips, worth about A$3.3 billion ($2.32 billion), a decade and a half after he created the company.
($1 = 1.4237 Australian dollars)
(Reporting by Harish Sridharan and Indranil Sarkar in Bengaluru; Editing by Rashmi Aich)
