At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. The benchmark index is currently up 0.35% to 6,731.5 points.

Here’s what is happening on the market today:

Crown share price surges on takeover approach

The Crown Resorts Ltd (ASX: CWN) share price is surging higher today after confirming the receipt of a takeover approach by US investment company Blackstone. According to the release, Blackstone has tabled an unsolicited, non-binding, and indicative proposal to acquire all of the shares in Crown at $11.85 cash per share. This represents a 20.1% premium to its last close price. The Crown board intend to assess the proposal.

ANZ and CBA settle BBSW class action

This morning both Australia and New Zealand Banking GrpLtd (ASX: ANZ) and Commonwealth Bank of Australia (ASX: CBA) announced that they have reached an agreement to settle their US BBSW class actions. ANZ and CBA were among 17 banks and two international brokerage houses that were named in a class action complaint launched in the United States by two US-based investment funds and an individual derivatives trader in 2016. This related to allegations of the rigging of the BBSW and trading in the United States.

Bapcor acquisition

The Bapcor Ltd (ASX: BAP) share price is pushing higher today after announcing an acquisition in Asia. According to the release, Bapcor has agreed to acquire 25% of the issued equity in Tye Soon for S$12.5 million. This is expected to help drive Bapcor’s strategy in increasing its presence across Asia, where it sees potential growth opportunities. Tye Soon is a Singapore headquartered automotive parts distributor that operates across Southeast and North Asia markets.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Crown share price by some distance following its takeover approach. The casino and resorts operator’s shares are up 17.5% at lunch. The worst performer has been the Fortescue Metals Group Limited (ASX: FMG) share price with a 4% decline. This follows a pullback in iron ore prices on Friday night.

More reading

• Crown (ASX:CWN) share price shoots up 18% after Blackstone takeover bid
• Will mounting competition break the Afterpay (ASX:APT) share price?
• Why the Bapcor (ASX:BAP) share price will be on watch this morning
• ANZ (ASX:ANZ) share price in focus after settling US class action
• Why the Commonwealth Bank (ASX: CBA) share price is on watch today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Bapcor. The Motley Fool Australia has recommended Crown Resorts Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Today on the ASX, something has happened which doesn’t happen too often.

A company has returned to trading after a near-9 month absence. Yes, Freedom Foods Group Ltd (ASX: FNP) shares have returned to trading this morning, and boy was it not pretty.

At the time of writing, the Freedom Foods share price is down a staggering 81.06% to 57 cents a share after opening at just 20 cents this morning. Freedom last closed at $3.01 a share – but that was back on 24 June 2020.

For some context, back then Victoria was just about to start its extended lockdown and Donald Trump still had 7 months to go as president.

The sorry tale of the Freedom Foods share price

Here at the Fool, we have extensively covered this saga, but here’s a refresh in a nutshell. Investors were first alerted that something wasn’t quite right at the company when it announced a series of writedowns on its books. These included spoiled food stores, among other things.

Then, The company’s CEO and CFO both suddenly resigned, and the share price was suspended shortly afterwards. The company had been bobbing along in uncharted waters since a debate raged over who was ultimately responsible for this series of debacles. But it has returned to trading today after announcing a $265 million recapitalisation arrangement at the end of last week.

So, let’s have a look at how much investors might have lost on this sorry story. So anyone who was hoping for a ‘turnaround play’ and invested in Freedom on its last close, is currently down 81% on their money. That means a $1,000 investment on 24 June would be worth $190 today.

What about Freedom’s 52-week high of $5 a share the company saw back in March last year (not too often a company can say that)? Anyone who ‘bought the dip’ back then would be down a catastrophic 87.6%.

And finally, anyone who bought in back at Freedom’s all-time high of $6.94 that was reached in September 2018 is down a heartbreaking 91.79% today. That would have turned a $1,000 investment into $82.

But it’s not all bad for everyone involved in Freedom Foods share price today. Freedom shares opened at 20 cents apiece this morning. At the time of writing, they are up to 57 cents a share. That’s a 185% recovery in an hour or two of trading. Clearly, some investors are getting their bargain-hunting hats on this morning.

More reading

• These are the 10 most shorted shares on the ASX
• Freedom Foods (ASX:FNP) share price crashes 94% after 9-month suspension
• ASX quarterly rebalance: HUB24 joins ASX 200, Brainchip into ASX 300
• ASX 200 recovers strongly, Austal floats higher, Fortescue drops
• Here’s how Freedom Foods (ASX:FNP) performed in the first half

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Freedom Foods Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Airtasker Limited (ASX: ART) will have its first day on the ASX tomorrow after its $255.4 million initial public offering (IPO) was delayed from this morning.

The platform, which allows users to outsource tasks and skills, was affected by an ASX processing delay. 

Airtasker shares are set to begin trading at 11 am tomorrow, opening at 65 cents each.

Let’s look closer at Airtasker’s IPO. 

Airtasker’s ASX debut

In its company prospectus, Airtasker claims the IPO will provide the funds it needs to expand its platform and begin providing its unique service internationally.

The offer will include 23.1 million new shares and 105.6 million existing shares, totalling 128 million shares available to investors tomorrow morning.

The company describes itself as “Australia’s leading marketplace for local services”, with more than 4.3 million people using the service. It also boasts of having created $215 million worth of jobs.

The platform takes a 15% cut of earnings from outsourced odd jobs.

Airtasker’s journey to the ASX has been a long one. The Australian company was created on entrepreneur Tim Fung’s living room floor in 2012, reported SBS News in My Australia, a series exploring cultural heritage and identity.

Commentary from management

Fung, Airtasker’s CEO and founder, expressed his excitement for the company’s ASX listing in its prospectus.

Since launching in 2012, it’s been truly inspiring to see the people of Airtasker – our customers, taskers and the Airtasker team – grow and work together to enable more than $1 billion in working opportunities and to create Australia’s no. 1 marketplace for local services.

We believe the opportunity to empower the local services economy on a global scale is truly massive. Striving towards this opportunity, we will continue to explore, experiment and iterate to drive user acquisition, improve frequency of use and expand our addressable market by investing into organic and paid marketing, establishing new marketplace models and expanding our global reach.

Why Airtasker’s ASX float was delayed

Airtasker announced today that its IPO had been delayed from this morning. It will now take place tomorrow.

According to a report in the Herald Sun, a human error within the ASX caused the delay. ASX listing general manager Max Cunningham was quoted as saying it was an “unfortunate circumstance”.

“It’s a one-off as far as I’m concerned, and we will ensure we will review the processes and do our best to ensure that it doesn’t happen again,” he said in the Herald Sun.

Airtasker share price snapshot 

Airtasker’s debut opening price will be 65 cents. Whether that price sticks will be seen from 11am tomorrow.

The company aims for a market capitalisation of around $255 million, with approximately 392 million shares outstanding.

More reading

• How much have investors lost on the Freedom Foods (ASX:FNP) share price?
• Why the Galan Lithium (ASX:GLN) share price is rocketing 19% higher today
• Firebird Metals (ASX:FRB) share price heats up on IPO
• Up 673% in 1 year, why the Archer Materials (ASX:AXE) share price is lifting again today
• Stock market rally: is it too late to buy and hold cheap dividend stocks?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Galan Lithium Ltd (ASX: GLN) share price has been a strong performer on Monday.

In late morning trade, the lithium focused mineral exploration company’s shares are up 14% to 53.5 cents.

At one stage today, the Galan Lithium share price was up as much as 19% to 56 cents.

Why is the Galan Lithium share price surging higher?

Investors have been buying Galan Lithium shares on Monday after it announced laboratory test work results for its low carbon footprint brine evaporation process at its flagship Hombre Muerto West (HMW) project located in the South American Lithium Triangle in Catamarca, Argentina.

According to the release, HMW’s lithium chloride (LiCl) concentrate increases significantly by 25% to 6% Li from the original study value of 4.8% Li using the process.

This means its high grade result is directly comparable to those of mining giants SQM and Albemarle from the Atacama basin in Chile.

Galan’s Managing Director, Juan Pablo Vargas de la Vega, commented: “Grade is always king. These results are better than we envisaged and have more than solidified the serious potential of the Hombre Muerto West project.”

“We have always followed the mantra of ‘walking before running’ and these results, whilst taking time to achieve, have affirmed our step by step approach of utilising proven technology with low risk in processing. Our teams in Argentina and Chile have been brilliant during these uncertain times and continue to deliver these essential Project steps,” he added.

What’s next for Galan Lithium?

Galan Lithium is continuing to test and optimise a range of lithium chloride concentrate solutions, with conversion costs in mind, to deliver the best commercial solution in the shortest time possible.

Management expects to commence commissioning the evaporation pilot test work on site during the second quarter of 2021.

It also advised that it is reviewing the scope of work for the most adequate path to accelerating the project development (lowest capex and shortest time) to market. Positively, it believes the high quality of the concentrated LiCl could be a mayor strategic differentiation for improving the economic performance of the project.

The Galan Lithium share price is up over 200% over the last 12 months.

More reading

• Firebird Metals (ASX:FRB) share price heats up on IPO
• Up 673% in 1 year, why the Archer Materials (ASX:AXE) share price is lifting again today
• These are the 10 most shorted shares on the ASX
• Stock market rally: is it too late to buy and hold cheap dividend stocks?
• Syrah (ASX:SYR) share price dips lower despite positive update

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Firebird Metals Ltd (ASX: FRB) shares listed on the ASX last Thursday at an initial public offering (IPO) offer price of 20 cents per share and indicative market capitalisation of $10 million. The Firebird share price more than doubled to open at 46 cents, ran as high as 64.5 cents before closing at 59.5 cents on Thursday.

Here’s why investors are hyped about the Firebird share price. 

Firebird Metals overview 

Firebird was initially an unlisted public company, incorporated on 4 January 2016 as Forrestania Pty Ltd. Its parent company is the listed explorer, Firefly Resources Ltd (ASX: FFR). On 18 December 2020, Firefly announced it would demerge its Oakover manganese project. The spin-out resulted in Firebird as a standalone listing on the ASX. 

Firebird holds an interest in, or has entered into agreements to acquire, several projects.

The Oakover Project comprises one granted exploration license and two exploration applications. The project is situated approximately 90 km east of Newman in Western Australia’s East Pilbara Manganese Province.

The Hill 616 Project comprises one granted exploration licence, located within the Southeast Pilbara region of Western Australia approximately 85 km south-east of Newman. And finally, the Disraeli Project comprises one pending exploration licence application and is also near the Newman region. 

The company will use the IPO funds to further explore and develop the projects. This includes the completion of infill and extensional drilling at the Oakover Project, targeting resource expansion and increased definition of higher grade domains, a systematic exploration of the Hill 616 and Disraeli projects to deliver a maiden JORC resource and the pursuit of other resource and acquisition opportunities that have a strategic fit for the company. 

What’s driving the Firebird share price? 

The Firebird share price got off to a stellar start on the ASX. The company’s portfolio of projects is focused on manganese, often used in a variety of important alloys and batteries. Firebird highlights manganese as the fourth most utilised metal globally and the cheapest, most abundant of the nickle, manganese, cobalt (NMC) cathode materials. 

With a heightened level of global investment and commitment to renewable technology and electric vehicles, Firebird believes manganese is perfectly placed to deliver future growth opportunities.

At the time of writing, Firebird shares are trading 3.67% higher for the day at 56.5 cents with a market cap of around $28 million.

More reading

• Why is the Firefly (ASX:FFR) share price on the move today?

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Archer Materials Ltd (ASX: AXE) share price is lifting this morning, up 1% at the time of writing having earlier posted gains of more than 7%.

The ASX tech share focuses on the development of quantum computing, biotechnology, and reliable energy. We take a look at the company’s latest announcement below.

What did Archer Materials report to the market this morning?

The Archer Materials share price is gaining in morning trade after the company reported it had strengthened its graphene-based biochip technology.

The improvement in its nanofabrication capabilities was demonstrated by Archer Materials’ fabrication of “nanosize biosensor components of 100-150 nanometer features on silicon wafers”.

According to the release, translating the biochip sensor components onto silicon wafers is a vital step in commercial production volumes, opening the door for potential future retail applications of its biochip.

The biochip, or lab-on-a-chip, combines several biological laboratory functions. The initial goal for Archer’s biochip is to help detect respiratory diseases.

Before the announced improvement in its fabrication capabilities, Archer reports it was limited to 1 sensor per square centimetre. The new nanofabrication process will enable more than 1 million sensors per square centimetre.

What did management say?

Commenting on the developments, Archer’s CEO Mohammad Choucair said:

Archer has attracted talented technologists to work on a promising, potential solution to a global challenge that has significant socio-economic implications. As we ramp up our biochip development, we will strategically bridge industry capability gaps, and where possible, locally.

At Archer, our staff have a proven track record of producing intellectual property that is worth protecting internationally. As we solve for significant technological barriers in our biochip development, the company will rapidly translate this knowledge into strong IP assets that would underpin high value, long-term commercialisation.

Archer Materials share price snapshot

Archer Materials shares have been a stellar performer over the past 12 months, up 673%. That compares to a 53% gain on the All Ordinaries Index (ASX: XAO).

Year-to-date, the Archer Materials share price is up 93%.

More reading

• These are the 10 most shorted shares on the ASX
• Stock market rally: is it too late to buy and hold cheap dividend stocks?
• Syrah (ASX:SYR) share price dips lower despite positive update
• Crown (ASX:CWN) share price shoots up 18% after Blackstone takeover bid
• Why the AnteoTech (ASX:ADO) share price is surging 15% today

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The stock market rally following the 2020 market crash has caused many shares to trade at significantly higher prices. Despite this, it is still possible to purchase cheap dividend stocks in order to obtain a generous passive income and the potential for capital growth.

Through focusing on their quality and future prospects, an investor can realistically build an attractive portfolio of income shares. On a relative basis, it could deliver high returns in a low interest rate environment.

Cheap dividend stocks may still be available

While the recent stock market rally has pushed many share valuations to higher levels, some sectors remain modestly valued in comparison. Within them, it may be possible to buy cheap dividend stocks, since bullish investors may have turned their attention to other industries that apparently offer higher growth rates at the present time.

For example, a number of strong businesses in the retail and consumer goods sectors appear to have bright long-term outlooks.

Moreover, they seem to have the financial means to overcome future risks from a challenging economic outlook to produce a rising dividend payout for investors. Due to weak investor sentiment at the present time, they could offer the potential to generate impressive total returns in the coming years.

Focusing on the quality of income shares

Of course, not every cheap dividend stock could be worth buying at the present time. The world economy has experienced one of its biggest ever shocks in recent months.

As such, high dividends from previous years may fail to be paid in future. Similarly, some companies may struggle to survive difficult operating conditions should they have large debts or weak cash flow.

Therefore, it is important to check the quality of any stock before buying it. This can mean taking steps such as reading its latest investor updates, assessing its strategy, and analysing recent annual reports.

Doing so allows an investor to build a picture of the company in question so they avoid potentially unattractive investments. Moreover, they may be able to find the strongest businesses that trade at the lowest prices. They could prove to be the most appealing cheap dividend stocks to buy at the present time.

Considering the relative appeal of dividend shares

While cheap dividend stocks may be less prevalent than they were several months ago due to the stock market rally, their relative appeal appears to be high. The world is currently operating in a low interest rate environment that could persist for a number of months or even years.

Therefore, relying on other income-producing assets to generate a passive income may prove to be a disappointing move. By contrast, the return potential from dividend shares that trade at low prices could be highly attractive from a long-term standpoint.

More reading

• Up 673% in 1 year, why the Archer Materials (ASX:AXE) share price is lifting again today
• These are the 10 most shorted shares on the ASX
• Syrah (ASX:SYR) share price dips lower despite positive update
• Crown (ASX:CWN) share price shoots up 18% after Blackstone takeover bid
• Why the AnteoTech (ASX:ADO) share price is surging 15% today

Motley Fool contributor Peter Stephens has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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At the start of each week I like to look at ASIC’s short position report to find out which shares are being targeted by short sellers.

This is because I believe it is well worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn’t quite right with a company.

With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:

• Tassal Group Limited (ASX: TGR) has seen its short interest rise to 12.9%. A sharp decline in salmon prices over the last 12 months and concerns over the Australia-China trade war have been weighing on sentiment.
• Webjet Limited (ASX: WEB) has seen its short interest reduce to 10.8%. Short sellers may have been closing positions following the government’s announcement of a stimulus package for the tourism industry. In addition, last week Webjet spoke very positively about its longer term outlook at an event.
• Inghams Group Ltd (ASX: ING) has 8% of its shares held short, which is unchanged week on week. Short sellers have been going after the poultry company due to concerns over costs, an unfavourable sales mix, and a potential oversupply of chicken.
• Flight Centre Travel Group Ltd (ASX: FLT) has seen its short interest rise slightly to 7.7%. While the travel agent was recently given a boost by a $1.2 billion government stimulus package for the tourism sector, short sellers aren’t giving up on it. They appear to believe it is overvalued after a strong share price recovery.
• Bravura Solutions Ltd (ASX: BVS) has experienced another increase in its short interest to 7.7%. Short sellers appear to be targeting the financial technology company due to the significant Brexit and COVID headwinds impacting its business.
• Resolute Mining Limited (ASX: RSG) has seen its short interest reduce week on week to 7.5%. Industrial disruption at its Syama operation has been weighing heavily on sentiment. Particularly given its guidance for another decline in production in FY 2021.
• Metcash Limited (ASX: MTS) has seen its short interest fall to 6.9%. Last week this wholesale distributor released its growth strategy to the market and received a somewhat mixed response due to its higher capex plans.
• Myer Holdings Ltd (ASX: MYR) has short interest of 6.7%, which is down week on week. Short sellers continue to target the department store operator due to the belief that it is in a structural decline.
• Freedom Foods Group Ltd (ASX: FNP) is back in the top ten with 6.7% of its shares held short. Short sellers will have been celebrating this morning after the Freedom Foods share price crashed 94% lower after returning from its nine-month suspension.
• InvoCare Limited (ASX: IVC) has 6.7% of its shares held short. Concerns over market share losses and allegations of anti-competitive conduct in the funeral sector appear to be weighing on sentiment.

More reading

• Freedom Foods (ASX:FNP) share price crashes 94% after 9-month suspension
• Top brokers name 3 ASX shares to buy next week
• Top brokers name 3 ASX shares to sell next week
• End of oil price rally fires warning shot for the ASX COVID recovery trade
• 11 top ASX shares that WAM thinks will make great buys

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Bravura Solutions Ltd. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Bravura Solutions Ltd, Flight Centre Travel Group Limited, Freedom Foods Group Limited, and InvoCare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Syrah Resources Ltd (ASX: SYR) share price is edging lower this morning. This comes despite the company providing a positive update regarding its production of graphite.

At the time of writing, the graphite producer’s shares are swapping hands for $1.145, down 1.29%.

What did Syrah announce?

Investors are selling off their positions in the Syrah share price regardless of the company’s release to the ASX market.

In its announcement, Syrah advised that it has installed a furnace at its Active Anode Material Project in Vidalia, the United States. This will allow the company to produce active anode material (AAM) using natural graphite extracted from its Balama Graphite Operation.

Syrah stated that the milestone achievement puts it closer to becoming a vertically integrated producer of natural graphite AAM. The newly-installed furnace is seen as the final process in which natural graphite is converted for use in lithium-ion batteries.

In Q4 2020, Syrah toll treated purified spherical graphite (anode precursor) to AAM for fast-tracking product qualification. The furnace, whist producing AAM, will be used for product testing with potential customers.

Management commentary

Syrah managing director and CEO Shaun Verner commented:

In our view, this milestone further positions Syrah as the most progressed ex-China option for vertically integrated supply of natural graphite AAM for USA and European battery makers and OEMs.

We have been very encouraged by initial feedback from in-progress product testing and qualification processes. Syrah remains on track to become an important supplier of natural graphite AAM to ex-Asia markets.

In addition, the company noted that it’s on track to expand its current production capacity at Vidalia. A final investment decision for the construction of a 10ktpa AAM facility is planned for the second half of 2021.

About the Syrah share price

The Syrah share price has performed well over the past 12 months, gaining more than 400%. Year-to-date, the company’s shares have risen above 20%.

Syrah has a market capitalisation of around $577 million, with close to 500 million shares outstanding.

More reading

• Why Clover, PointsBet, Syrah, & Temple & Webster shares are racing higher
• Here’s why the Syrah (ASX:SYR) share price is pushing 5% higher today
• ASX lithium shares to get price shock as commodities supercycle charges up
• Leading brokers name 3 ASX shares to sell today

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Crown Resorts Ltd (ASX: CWN) share price is ascendant today after a bid by Blackstone to buy the company. At the time of writing, shares in the company are trading at $11.61 – up an incredible 17.75%. By comparison, the S&P/ASX 200 Index (ASX: XJO) is up just 0.31%.

After a few months to forget for Crown, which began when the New South Wales Independent Liquor and Gaming Authority (ILGA) found the company unsuitable to hold a gaming license in the state, swiftly followed by a slew of resignations, including the CEO and several directors, and a royal commission to the granting of the license in Victoria – the news of a Blackstone takeover bid is very welcome for investors in the hospitality giant.

Blackstone wants to claim the Crown

In a statement to the ASX, Crown announced private equity group, Blackstone Group Inc, sent an unsolicited bid to the board to buy all the shares in the company.

Blackstone is offering $11.85 per share, which represents a 19% premium to the volume-weighted average price of Crown shares since the release of its H1 FY21 results.

The proposal is still in its early stages. Several more steps must be taken before any deal is finalised, including:

• Due diligence.
• Arranging debt finance.
• A unanimous agreement by the board to recommend accepting the deal.
• Blackstone being found suitable to hold the Crown gaming license in Sydney, Melbourne, and Perth.
• Approval from the Blackstone investment committee.

Blackstone already owns approximately 10% of shares in Crown Resorts.

Crown has appointed UBS as financial advisors and Allens as legal advisors in the matter. The board did not indicate its position on the bid.

Why Crown might want to sell to Blackstone

The ILGA report found Crown was culpable of “facilitating money laundering, exposing staff to the risk of detention in a foreign jurisdiction and pursuing commercial relationships with individuals with connections to triads and organised crime groups…”

CEO Ken Barton, director Andrew Demetriou, and board member John Poynton all resigned in the wake of the devastating findings. According to the Sydney Morning Herald, Mr Poynton was the last of the James Packer aligned members of the board to resign. The ILGA report heavily impacted Mr Packer.

The decision in NSW also prompted the Victorian and WA Governments to review whether Crown should have been granted a gaming license in their jurisdictions at all.

Crown share price snapshot

Despite all its recent troubles, the Crown share price is still almost 80% higher than this time last year. Of course, late March last year represents the very worst of the coronavirus-induced market selloff. The virus, and associated government restrictions, heavily impacted Crown’s operations, along with those of most other ASX-listed companies.

The Blackstone offer to buy Crown shares at $11.85 would represent the highest price Crown shares have been at since 14 February 2020. Back then, the share price was $11.90 and it was pre-pandemic.

More reading

• Crown (ASX:CWN) share price on watch after receiving takeover approach
• 5 things to watch on the ASX 200 on Monday
• Why ASX 200 hospitality shares could be about to enjoy a boost
• Crown (ASX:CWN) share price facing double Royal Commission trouble
• Exploring the golden window of opportunity for ASX ESG investors

Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Crown Resorts Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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