In October, GlobeSt.com reported that private-equity firms Apollo Management and Texas Pacific Group had made a bid for Harrah's at roughly $81 per share. Then, earlier this month, we reported that the bid had risen to $83.50 a share, or about $15.5 billion. However, Penn National Gaming, a race track and casino operator, made the buy a bidding war, with a cash-and-stock offer of $87 per share, or $71 in cash and $16 from stock.
As GlobeSt.com reported yesterday, the deal flies in the face of early prognostications concerning the acquisition. In early October, Harrah's board of directors formed a special committee of non-management directors to review the proposal from the private equity firms. Harrah's made clear that the company has not determined that such a "transaction is in the best interests of Harrah's and its stockholders or that Harrah's should not continue as an independent public company pursuing its business plan as the world's largest provider of branded casino entertainment."
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
