After months of negotiations, Caesars Entertainment, Inc. announced a definitive agreement in May to be acquired by Fertitta Entertainment, Inc.
This is an all-cash transaction valued at approximately 17.6 billion dollars, including the assumption of roughly 11.9 billion dollars of Caesars’ outstanding debt.
However, Tilman Fertitta‘s bid faces competition from Caesars shareholder and activist shareholder Carl Icahn.
Indeed, countering the deal is a rival offer from Icahn, who had already expressed his intention to purchase Caesars back in March.
Currently, Jefferies Financial Group Inc. is gauging investor interest to raise about 5 billion dollars through a bond issuance to back Icahn in a potential rival bid, as reported by Bloomberg.
As previously mentioned, Caesars had the opportunity to solicit alternative proposals until July 11th.
Nonetheless, the Caesars Board of Directors retains the right to terminate the agreement with Fertitta at any time prior to the final shareholder vote, should a ‘superior proposal’ spontaneously emerge. (Redazione)
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