In case you were wondering, the Crown Resorts Ltd (ASX: CWN) share price is exchanging hands for the last time on the ASX today.
At the time of writing, the casino operator's shares are up 0.23% to $13.08.
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Why are Crown shares ceasing to exist from tomorrow?
The Crown share price will be suspended from close of trading today following the company's latest update on its takeover.
In its statement, Crown advised that the Federal Court of Australia made orders approving the proposed $8.89 billion acquisition.
By way of a scheme of arrangement, Blackstone entity, SS Silver II Pty Ltd will become the new Crown owners after being green-lit.
Based in the United States, Blackstone is the world's largest investment firm with approximately $915 billion in assets under management.
Crown is expected to lodge an office copy of the court orders with the Australian Securities and Investments Commission (ASIC) today. This means that the scheme will become legally effective.
While the company's shares will be suspended, its subordinated notes under the code "CWNHB" will continue to be traded.
Blackstone will pay out $13.10 in cash per share to Crown shareholders which they will receive on 24 June.
Crown share price summary
A disastrous 2020/21 for Crown led its shares to record heavy falls over the past couple of years.
An AUSTRAC investigation along with issues regarding renewal of its gambling licence in Victoria plagued Crown shares.
However, its shares picked up steam in 2022 on the back of the proposed takeover offer.
Year-to-date, Crown shares are up almost 10%
On valuation grounds, Crown presides a market capitalisation of about $8.84 billion, with a tad over 677 million shares outstanding.
