Caesars sets vote on Fertitta’s bid to take casino giant private
Caesars Entertainment shareholders will vote on billionaire Tilman Fertitta's $17.6 billion takeover on Sept. 22.Summary
Caesars Entertainment Inc. has scheduled a shareholder vote for Sept. 22 on a $17.6 billion acquisition by billionaire Tilman Fertitta. The all-cash offer of $31 per share would take the company private, ending its run as a publicly traded entity. The vote will be held at the Eldorado Resort & Casino in Reno, with shareholders of record as of Aug. 21 eligible to participate. The company's board recommends approval of the transaction. Fertitta's gaming empire, which includes Landry's, the Houston Rockets, and the Golden Nugget, would substantially expand through this deal. The acquisition is being made through Fertitta Gaming Holdco LLC, a Nevada company formed specifically for the transaction. The deal faces regulatory hurdles, including gaming approvals in jurisdictions where Caesars operates and antitrust reviews by the Federal Trade Commission. The proxy statement also details the monthslong bidding battle between Fertitta and activist investor Carl Icahn, who ultimately withdrew his higher offer due to financing concerns. Fertitta's financing includes $6.6 billion in senior secured credit facilities and at least $2.7 billion in equity. The agreement has an initial closing deadline of May 27, 2027, with a reverse termination fee of $450 million if the deal fails due to regulatory issues.
(Source：Las-vegas Review Journal)