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Harrah's Entertainment has tentatively agreed to be acquired for $16.7 billion by two private equity firms, people familiar with the situation have told CNBC's David Faber.
It looks like Harrah's the world's largest casino company is going private. Late word has the gaming company selling to private equity buyers for almost $17 billion, a $90 per share buyout. On today’s “Street Signs” Erin Burrnett spoke with David Katz of CIBC World Markets about the impact of the deal and other companies might be looking for deals of their own.
The Harrah's Entertainment board is poised to accept a buyout bid from Apollo Management and Texas Pacific, with an offer of at least $90 per share, according to the Wall Street Journal.
U.S. stocks look ready to open slightly higher after yesterday's rally took the Dow to a record and the S&P to six year highs. CPI is reported this morning and the inflation measure could help set the tone. Lots of merger activity around the globe is helping lift world stock markets. European shares rose on the back of US gains and takeover activity.
Harrah's Entertainment's s board is still deciding whether to accept a private equity buyout, contrary to speculation that the casino operator has opted to pursue a recapitalization instead, according to CNBC's David Faber.