Tuesday, 23 September 2014
Last updated 7 hours ago
Dec 21 2006 | 9:31am ET
Harrah's Entertainment has entered into a definitive agreement for affiliates of Texas Pacific Group and Apollo Management to acquire Harrah's in an all-cash transaction valued at approximately $27.8 billion, including the assumption of approximately $10.7 billion of debt.
Under the terms of the agreement, stockholders of the casino operating company will receive $90 in cash for each outstanding Harrah's share. This represents a premium of approximately 36% over Harrah's closing share price on Sept. 29, the last trading day before the initial offering by the private equity firms.
Under the merger agreement, Harrah's may solicit superior proposals from third parties during the next 25 days, which it intends to do, according to the company.
Apollo is currently investing its sixth private equity fund, which, along with related co-investment entities, represents approximately $12 billion of new capital.
TPG was founded in 1992 and currently has more than $30 billion of assets under management.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.