$26 bn Offer to Buy Out Harrahs

Filed in archive Casinos on October 3, 2006

Harrahs Entertainment - the world's largest casino operator - has been targeted by private equity firms for a $26bn buyout.

Texas Pacific and Apollo Management have offered $81 per share to the company that owns Caesars and 38 other casinos in the US. That was a 22% premium on their closing price last week. Harrah's board are currently evaluating the offer. Harrah's recently began its move into the UK market when they bought London Clubs International for about $400 million

If it happened, the buyout would be the fourth largest ever.

Article: Harrah's targeted in $26bn casino buyout proposal