Shareholders have voted in favour of Blackstone’s $8.9 billion acquisition of casinos business Crown Resorts (ASX: CWN) by a scheme of arrangement.
In the 20 May vote, 90.05% of shareholders, voting in person or by proxy, voted in favour and 99.91% of the votes cast were in favour.
No date has, however, yet been set for Crown to be delisted from the ASX as delays have occurred in Blackstone gaining regulatory approvals.
Ahead of the shareholder vote, Crown chairman Ziggy Switkowski reported that Blackstone had informed the company that it was continuing to consult with regulators in Victoria, Western Australia and New South Wales “in relation to the terms and conditions of the approvals”.
“That process is on-going and in its final stages, which will extend into June,” Switkowski said. “The scheme is conditional on the outstanding regulatory approvals being obtained on terms acceptable to Blackstone.”
The scheme also needs to be approved by the Federal Court. Delays in obtaining regulatory approvals will mean that a court hearing scheduled for 24 May will not be able to approve the scheme. Crown now intends to request an adjournment for the hearing to be held in the week commencing 6 June.
Image: Crown’s Barangaroo, Sydney, tower.