Tilman Fertitta is reportedly the standout bidder to take over Caesars Entertainment after making an offer of $34 per share, which would total about $7bn. The Wall Street Journal cited people familiar with the matter when breaking the news on Wednesday. Caesars Entertainment shares rose 12% to $29.07 after the news emerged. The company’s market cap at the current price is $5.9bn.
reportedly surpassed a $33 per share offer from Carl Icahn’s investment firm
The Journal’s source emphasized that the deal is still far from certain and that there’s a chance no deal will come from the talks. Fertitta, who owns the Golden Nugget chain of casinos, reportedly surpassed a $33 per share offer from Carl Icahn’s investment firm. The WSJ’s sources said that Caesars hasn’t officially rejected the offer.
Both proposals could proceed without approval from Vici Properties, the company that owns most of Caesars’ physical properties. The insider also reported that the current Caesars CEO, Tom Reeg, would likely have involvement with either of the current bids.
The Financial Times first reported that Fertitta and Icahn were both in negotiations about possible takeovers. The casino company’s share price had fallen about 40% in the year leading up to the news last month. Caesars’ share rose 19% following the publication of that speculation.
Icahn has previously worked with Caesars, having pushed for a sale of the company, which happened following a $17.3bn merger with Eldorado Resorts in 2020.
