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James Packer is set to pocket about $3.3billion amid the likely handover of his embattled Crown Casino empire to American private equity firm Blackstone.
The casino giant announced on Thursday it received a revised proposal from Blackstone, which Crown said its board would unanimously recommend investors accept.
Blackstone raised its bid by 60 cents per share to $13.10 per share, which equates to an $8.87 billion proposal.
Packer, 54, is expected to support the board's recommendation having told the Australian Financial Review's Chanticleer column last March the offer was 'in the best interests of Crown shareholders'.
Mr Packer, who owns 37 per cent of Crown, has been looking to offload his stake in the gaming and entertainment company he's spent 20 years building.
James Packer is set to pocket $3.3billion as he hands over his embattled Crown casino empire to American private equity firm Blackstone
His Consolidated Press Holdings business said it was 'encouraged' by Thursday's announcement.
'CPH will review all documents released to the market by Crown Resorts relating to a
