Caesars Entertainment board members Jesse Lynn and Ted Papapostolou have stepped down from their roles with immediate effect.
The pair, who are part of Icahn Group’s C-suite, joined Caesars as independent directors in March 2025. Icahn Group is the holding company of billionaire Carl Icahn, which lost out to Fertitta Entertainment in the race to acquire Caesars.
Lynn, the COO and general counsel of Icahn Capital, and Papapostolou, the CFO of Icahn Enterprises, leave with Icahn Group waiving its right to appoint replacement directors on the Caesars board.
Their exits follow former Icahn Enterprises exec Courtney Mather stepping down from the Caesars board in July, having been a member since March 2019 .
The latest board changes arrive days before a shareholder meeting on 22 September to discuss and vote on the $17.6bn acquisition by Fertitta Entertainment.
The $31-per-share offer was approved and recommended by the Caesars board in May.
But before it can be concluded, the Federal Trade Commission (FTC) has asked for more information and additional documentary materials from both parties.
A Caesars Form 8-K filing with the Securities and Exchange Commission (SEC) read: “The Company and Fertitta Entertainment intend to continue to work cooperatively with the FTC in its review of the merger.
“Completion of the merger remains subject to the expiration or termination of the waiting period under the HSR Act and the satisfaction or waiver of the other closing conditions specified in the merger agreement.”
It comes as law firms including Bronstein, Gewirtz & Grossman and Robbins Geller Rudman & Dowd launched an investigation into whether the Caesars board failed in its duty to company shareholders during the bidding process.
A SEC filing showed that on 10 July, Caesars received a non-binding proposal from the Icahn Group worth $34 per share in cash.
Months earlier, on 3 April, Caesars received communication from an unnamed family office referred to as ‘Party B’ expressing its intent to pursue a takeover bid which would be 100% of the outstanding shares of Caesars common stock for a price ranging between $36-$37 per share.
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The post Two Caesars board members step down as FTC requests information on Fertitta acquisition first appeared on EGR Intel.
Icahn Group pair Jesse Lynn and Ted Papapostolou leave US gaming giant’s board days before shareholder meeting to vote on $17.6bn deal
The post Two Caesars board members step down as FTC requests information on Fertitta acquisition first appeared on EGR Intel.