The iconic Caesars Entertainment, a name synonymous with the Las Vegas Strip since its 1966 debut, is slated for acquisition by Fertitta, the company behind the Golden Nugget and restaurant chains such as Rainforest Cafe and Morton’s.
Fertitta Entertainment will pay $5.7 billion and take on close to $12 billion in debt from Caesars, putting the total value of the deal at about $17.6 billion.
This translates to a $31 cash payout for each Caesars share, representing a substantial 49% premium over the stock price before merger discussions began in February.
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Despite its modern-day prominence, Caesars’ origins trace back to Reno, Nevada, in the 1930s.
As part of the acquisition agreement, Caesars retains the right to solicit competing bids until July 11.
Shares of Caesars Entertainment Inc. saw a nearly 2% increase before Thursday’s opening bell, having already climbed 15% since initial merger rumors surfaced.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source nz.news.yahoo.com ’
