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Let the Bidding Begin: Harrahs Takeover Offer Increased

By Chuckmonster on Wednesday, 11th October 2006 8:05pm
  » filed under Las Vegas  comments: 0

   

The buyout of Harrah's by Apollo (Creed) Management and Texas Pacific was upped today by another $500M dollars, to 83.50/share. At this point, no other bidders have entered the fray, but some gaming analysts think there is a possibility that another suitor could swoop in with a ball buster bid to take over the world's largest casino operator.

Meanwhile, Plumber Joe Hangstrom of Pensacola, FL lost $13.50 on a Blazing 7s .25 cent slot machine at Ballys while you were reading this.

Apollo Management LP and Texas Pacific Group raised their offer for Harrah's Entertainment Inc. to $15.5 billion after the company's board rejected their first bid, people familiar with the situation said.

The buyout firms increased their offer for Harrah's, the world's biggest casino company, to $83.50 a share from $81, said the people, who declined to be identified because the proposal isn't being publicly disclosed. The firms would also guarantee Harrah's 40-cent quarterly dividend through 2007 to entice investors, one person said.



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