Harrah's Poised to Accept Buyout Offer From Apollo, Texas Pacific
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.
The private equity groups are still hammering out details of the deal, which would go down as one of the largest private-equity buyouts in history. While a last minute hiccup could always derail or scuttle a transaction, the two sides are expecting to announce it on Monday.
CNBC's David Faber first reported Wednesday, Penn National Gamingsubmitted a mostly cash bid for Harrah's at $87 or $88 a share. In response, Apollo Management and Texas Pacific Group raised their bid.
Harrah's shares have been gradually climbing since the company said in early October that it had received an offer from Texas Pacific and Apollo.
Las Vegas-based Harrah's operates casinos under the its own name as well as the Caesars and Horseshoe brands. Private equity firms have turned to the casino sector as they look for cash-rich businesses in which to invest the hundreds of billions of dollars they have raised this year.