Sunday, 23 November 2014
Last updated 1 day 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.
Nov 4 2014 | 9:45am ET
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