Bidding Up Harrah's
Equity Firms Raise Bid for Harrah’s [New York Times]
Summary: The largest private equity deal in the history of the casino business got even larger as Apollo Management Group and the Texas Pacific Group increased their bid to take over Harrah’s. The new bid is estimated to be between $83-$84/share, up from their initial bid of $81 which was rejected by Harrah’s board. While analysts think Harrah’s can fetch as much as $85/share, investors are more pessimistic; Harrah’s shares closed yesterday at $76.39.
Related links: Valuing the Casino Industry: Are There More Harrah's Out There? • Harrah's Seems Underwhelmed by Buyout Offer • Harrah's Gamble Not Without Risk • Wynn Resorts Sued Over Dealer Compensation
Potentially impacted stocks and ETFs: Gambling stocks: Wynn (WYNN), Las Vegas Sands (LVS), Trump Entertainment Resorts (TRMP), Monarch Casino & Resort (MCRI), Pinnacle Entertainment (PNK)
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