Packer’s Cons Press last increased its Crown stake in October, and under the takeovers code is allowed to add up to 3 per cent of its holding in any six-month period without triggering the need to have a formal bid on the table.
That means Packer could legally take his holding in Crown above 50 per cent by October, making it a Cons Press subsidiary and having unchallengeable control. Normally that would mean a downgrading of the share price, because there is no premium for control – but any investor in Crown who was expecting a full and generous offer from a member of the Packer family would have to be an extreme optimist.
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