Trump Entertainment Shares Up as Potential Buyers Surface
Shares of Trump Entertainment Resorts are trading higher before the opening bell, after the Atlantic City casino and hotel operator revealed late Thursday that several parties have expressed interest in buying the company.
The news comes two months after Trump hired Merrill Lynch to assist in reviewing strategic corporate options, including a potential sale.
Although Trump did not disclose which companies made the offer or how much they were offering, the company's shares were recently trading up more than 14% in electronic trading.
Trump shares, which hit a 52-week low on Thursday, closed at $13.07 yesterday.
Some analysts suspect the interest could be coming from a private equity buyer. Private equity firms have shown interest in the gambling sector. Most recently, there was a private-equity buyout of Harrah's Entertainment.