James Packer's private company is in 'confidential' talks, but there's no bid for Crown Resorts

Mariah Carey and James Packer. Dimitrios Kambouris/Getty Images

James Packer’s private company says it doesn’t currently have a proposal to buy out the rest of Crown Resorts it doesn’t own.

Consolidated Press Holdings, Packer’s family company, has 53.1% of the casino business.

Reports yesterday had the 48-year-old billionaire in talks to return some of the assets to private ownership.

Bloomberg reported Packer’s Consolidated Press Holdings speaking with private equity firms and pension funds about a possible joint bid.

Crown Resorts, responding to a query from the ASX, says it doesn’t know of any plans to privatise some of the assets of the casino group.

Crown shares closed 10.5% higher yesterday at $11.77.

Just to make sure, Crown dropped a note to Consolidated Press Holdings, the private company controlled by Packer.

Consolidated Press Holdings (CPH) replied that it does sometimes have “confidential” discussions with third parties on investments, including its shareholding in Crown.

“If CPH intends to pursue a buyout or privatisation of Crown Resorts Limited, as speculated in the media, it would put forward a proposal … ” wrote Michael Johnston, finance director at Consolidated Press Holdings.

Johnston pointed out that just saying that it may continue with discussions with third parties does not indicate that a proposal will be made by Consolidated Press Holdings.

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