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James Packer ups stake in Crown to 40%

James Packer ups stake in Crown to 40%

James Packer’s holdings company, Consolidated Press (ASX:CPH), has upped its stake in the Crown casino group (ASX: CWN) by 3% to just over 40%.

Consolidated Press bought nearly 23 million shares at around $9 each, for a total of about $204 million, Crown informed the ASX.

The deal was just under the threshold that would require Consolidated Press to mount a mandatory takeover offer.

Crown shares jumped 6.12% to $9.01 on Monday – after news of a large stake sale hit, but before the details of the transaction were revealed.

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Tags CrownConsolidated MediaMergers and acquisitions

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