Crown offered $3b proposal to buy out Packer

Crown Resorts has received a $3 billion funding proposal that would allow it to buy out James Packer’s stake in the gaming company.

The unsolicited approach was made by Oaktree Capital Management, a US-based asset management group specialising in alternative investment strategies.

It’s offered to provide a funding commitment of up to around $3 billion to Crown via a structured instrument.

It proposes the “proceeds be used by Crown to buy back some or all of the Crown shares which are held by Consolidated Press Holding” on a selective basis, according to Crown.

Mr Packers CPH holds 37 per cent of Crown.