Dec. 22, 2014, 7:51 AM
- The combined company will have a market cap of $3.2B, based on Friday's closing prices, and a combined cash balance of $1.7B, excluding cash at CEOC.
- Terms: Owners of Caesars Acquisition (NASDAQ:CACQ) will receive 0.664 shares of Caesars Entertainment (NASDAQ:CZR) for each share of CACQ they hold. At the end, Caesars Entertainment stockholders will own about 62% of the combined company. Roughly 90% of stockholders of CZR also own shares of CACQ.
- Caesars Chairman and CEO Gary Loveman will hold the same roles at the combined company, which will be known as Caesars Entertainment and trade under the same symbol.
- Shares are currently halted from premarket trade.
- Source: Press Release (Dec. 22, 2014)
Dec. 22, 2014, 3:51 AM
- Caesars Entertainment (NASDAQ:CZR) plans to buy affiliate Caesars Acquisition (NASDAQ:CACQ) in a stock-for-stock merger, the WSJ reports.
- The acquisition, to be announced as soon as today, would better position Caesars Entertainment to restructure the $18.4B debt load of its largest subsidiary - Caesars Entertainment Operating Company.
- Based on Friday's closing share price, Caesars Acquisition is valued at $1.3B.
CZR vs. ETF Alternatives
Caesars Entertainment Corpalong with its subsidiaries is engaged in providing casino-entertainment and hospitality services. Itsfacilities include gaming offerings, food & beverage outlets, hotel & convention space, and non-gaming entertainment options.
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