(The author is a columnist for Reuters Breakingviews. The opinions expressed are their own.)

FILE PHOTO: The logo of Australian casino operator Crown Resorts adorns a fence surrounding the Crown Perth Resort and Casino in Western Australia, October 20, 2016. REUTERS / Aaron Bunch / File Photo

HONG KONG (Reuters Breakingviews) – Oaktree Capital Management has revised its offer to loan Crown Resorts money to buy back all or part of the shares of founder James Packer, the casino company said on Tuesday. here The package consists of a loan of A $ 2 billion ($ 1.5 billion) and A $ 1.1 billion of convertible debt that could give Oaktree up to 9.99% of the equity. Assuming the $ 3.1 billion covered the entire 37% stake, this works out to around A $ 12.40 per share.

That’s higher than offers from the Blackstone buyout store and rival casino operator Star Entertainment. They are competing to take control of the entire business and may now need to improve their own offerings.

Even so, Blackstone could win. While it can move quickly with casino regulators, as he has suggested, the deal offers all shareholders a timely exit from a struggling company. The state of Victoria extended its investigation into Crown on Friday – a reminder that regulatory risk is still alive and well. (By Katrina Hamlin)

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