James Packer is backing the commitment he made to the Bergin inquiry to allow the Crown Resorts board of directors to act independently and in the interests of all shareholders.

He could have made a public commitment to accept the proposed $11.85-a-share bid and thereby pressure the board. Blackstone owns 9.9 per cent of Crown and Packer owns 36.8 per cent.
Blackstones bid is conditional on the unanimous recommendation of the Crown board and a unanimous Crown board recommendation and a commitment from all Crown directors to vote in favour of the proposal (in the absence of a superior proposal and subject to an independent expert concluding that the proposed transaction is in the best interest of Crown shareholders).
Packers decision to abide by the decision of an independent board of directors marks a dramatic shift from his previous position in relation to dealing with his shares in Crown.
The Bergin inquiry into the suitability of Crown Resorts to hold a gaming licence at Barangaroo found that when Packer sold 19.9 per cent of Crown to Laurence Ho the independent directors were not informed until after the transaction was completed.
Following her evidence to the inquiry, Coonan terminated a controlling shareholder protocol agreement that let Packer receive confidential information about Crowns operations.
During his evidence to the Bergin inquiry Packer agreed that in future the Crown board would be more independent.
Crowns board will take advice from its longstanding adviser, Kelvin Barry of UBS. Barry is one of the countrys most experienced investment bankers and has intimate knowledge of Crown and its earning capacity.
He is likely to advise the board to be patient, to negotiate a higher offer and to seek alternative buyers to get an auction started.
Barrys advice will carry far more weight now that Packer has ruled himself out as the wild card with the potential to unilaterally hand Blackstone control of the company.
Packers move will be of interest to regulators because it signals the Crown board can function in line with conventional corporate governance.
Under this scenario the board is allowed to fulfil its fiduciary duty and act in the interests of all shareholders without fear of being blindsided by a controlling shareholder keen to cash out.
In his email response to Chanticleer Packer said he had not been approached by Blackstone before it formally launched its bid for Crown on Monday morning.