Shareholders of Star Entertainment Group Inc. (OTCPK:SETY) are understood to have made approaches to prospective suitors of the $2.86 billion listed casino operator, offering up their shares in what some believe is a sign that the company is a takeover target. It is understood that among the parties to have received an approach is Blackstone Inc. (NYSE:BX). Other parties have also been offered stakes, say sources.

The question is whether Blackstone would gain regulatory approval to bring the two companies together. Other likely buyers of Star are thought to be Apollo Global Management, Inc. (NYSE:APO). Blackstone is likely to be interested in exploring the opportunity of owning Star further down the track, say sources, but the question is whether a group such as Apollo or TPG beats it to the punch.

Shareholders in Crown are due to vote on Blackstone's proposal on May 20, 2022.