Caesars Entertainment announced this morning that it entered into an agreement to be acquired by Fertitta Entertainment in an all-cash transaction valued at $17.6 billion. The deal includes a go-shop period through July 11 that gives Caesars six weeks to consider other offers. If it goes through, Fertitta will assume $11.9 billion of Caesars outstanding debt, meaning a roughly $5.7 billion cash outlay for the acquisition. All the Caesars executives and management teams are expected to retain their positions. Shareholders will receive $31 per share, a nearly 50% premium on the stock price as of Feb. 25, the last trading day before rumors of the buyout surfaced. And that will be the end of Caesars as a public company; billionaire Tilman Fertitta will take Caesars private and the shares will be delisted from the NASDAQ stock exchange.
Source: Las Vegas News