Investment group Oaktree Capital Management has announced that they've put down an offer of $3 billion AUD to help buy Crown Resorts' James Packer's 37% stake in the company.
James Packer is the largest shareholder in the Australian company but has drawn criticism for threatening fellow businessman Ben Gray as well as having relationships with junkets that have ties to organized crime. This caused an independent investigation into Crown, which determined the company was unsuitable to hold a gaming license in NSW due to these issues.
Because of that, Oaktree announced that they were willing to put in the offer to finance the purchase of Packer's shares. The offer is non-binding and considered to be preliminary in nature. The offer will have to be approved of by company shareholders and is subject to regulatory approval.
We're following this story and will be updating as more developments arise.