Private-equity firms make $15.05B offer for Harrah's
| 03 October 2006 |    |
Harrah's Entertainment received a $15.05 billion offer for the company from two private-equity firms in what would be the biggest deal ever for a casino operator and the fifth-largest leveraged buyout in history.Harrah's said Monday that Apollo Management and Texas Pacific Group are offering $81 per share in cash, a 22 percent premium to Harrah's closing stock price Friday on the New York Stock Exchange.
Harrah's shares surged $9.25, or 13.9 percent, to close at $75.68 on Monday on the New York Stock Exchange.
Harrah's said it had not committed to the deal, but it established a special committee of independent directors to review the offer and retained UBS Securities LLC as an adviser.
The company did not respond to calls for comment.
Article By: Herald Tribune
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