Caesars Entertainment’s shares jumped 11% after fresh reports on Wednesday, 11 March, claimed Tilman Fertitta was in talks to buy the Las Vegas giant for $7bn.
The latest market move comes weeks after the operator’s shares spiked 19% amid news of a possible takeover, again from Fertitta, the current US ambassador to Italy.
Fertitta Entertainment currently owns the Golden Nugget land-based casino portfolio as well as basketball franchise the Houston Rockets.
The latest report from the Wall Street Journal suggests his offer trumps one submitted by US businessman and investor Carl Icahn.
Fertitta’s reported $34 per share offer is higher than Icahn’s all-cash offer of approximately $33 per share, which had not been rejected by Caesars, according to the newspaper.
The superior offer is a 17% upside to Caesars’ closing share price on 11 March of $29.07, with a market cap of £5.9bn having jumped 11% after the publication of the report.
Icahn currently has two executives from his investment firm Icahn Enterprises on Caesar’s board of directors and has previously attempted to buy Caesars, leading to its sale for $17.2bn to Eldorado Resorts.
Caesars runs over 50 land-based casinos across North America, while also operating Caesars Digital, comprising Caesars Sportsbook, Caesars Palace Online Casino and Horseshoe Online Casino.
Earlier this week, the company’s digital president revealed its multichannel customers were worth four times as much as users who only bet either online or in-person.
In February, Caesars reported Q4 net revenue of $419m and adjusted EBITDA of $85m.
The post Caesars Entertainment shares spike following reported $7bn takeover bid first appeared on EGR Intel.
Wall Street Journal claims Tilman Fertitta is in talks to buy Las Vegas and online giant for $34 per share
The post Caesars Entertainment shares spike following reported $7bn takeover bid first appeared on EGR Intel.