Fertitta Entertainment, which owns Golden Nugget and other restaurant and entertainment brands, will acquire Caesars Entertainment for nearly $6 billion. Caesars became widely known after opening Caesar’s Palace on the Las Vegas Strip in 1966, with earlier roots in Reno dating to the 1930s. Fertitta will pay $5.7 billion and assume close to $12 billion in debt, for an estimated total deal value of about $17.6 billion. Caesars can seek competing bids through July 11, with the acquisition expected to close July 17. Caesars investors will receive $31 in cash per share, representing a 49% premium over the pre-rumor share price. Caesars shares rose about 15% since merger rumors began in February and gained nearly 2% before the opening bell.
"Fertitta Entertainment will pay $5.7 billion and take on close to $12 billion in debt from Caesars, putting the total value of the deal at about $17.6 billion."
"As part of the agreement, Caesars can seek competing bids through July 11."
"Caesars investors will get $31 in cash for each share they own, a 49% premium over the share price before chatter about a possible tie-up between the two entertainment companies began in February."
"Caesars became an iconic name after the opening of Caesar's Palace on the Las Vegas Strip in 1966. However, its roots date back to the 1930s in Reno, Nevada."
Read at ABC7 San Francisco
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