Crown’s board said if it received a binding bid at no less than the revised price it would recommend shareholders accept.

The revised offer is about $500 million above its previous bid and an increase of 60 cents a share.

Blackstone said it made the revised offer after it was able to access confidential information relating to the company during the due diligence investigation.

Crown said the board had determined that it would engage further with Blackstone on a “non-exclusive” basis.

“Accordingly, Crown has decided to provide Blackstone with the opportunity to finalise its due diligence inquiries and negotiate the terms of an implementation agreement so that Blackstone can put forward a binding offer,” Crown said.

The company said if Blackstone made a binding offer at a price of no less than $13.10 per share then, subject to conditions, the board would recommend that shareholders accept the proposal.