Caesars Entertainment Shares Surge on Reports of Billionaire's Takeover Bid

Stock News03-12

Caesars Entertainment (CZR.US) saw its stock price rise sharply following reports that billionaire Tilman Fertitta has entered exclusive negotiations to acquire the company. According to sources familiar with the matter, the restaurant and hospitality magnate is considering a purchase valued at approximately $7 billion. The news drove Caesars' share price up nearly 12% in Wednesday's trading session.

Fertitta's company is reportedly discussing an acquisition offer of around $34 per share for the casino and hotel operator. This bid represents a premium of about 31% over Caesars' closing price on Tuesday and exceeds a previous cash offer of $33 per share from Icahn Enterprises (IEP.US). However, it was noted that a deal announcement is not imminent, and negotiations may still fall through without a final agreement.

Tilman Fertitta owns the Golden Nugget casino chain and the Landry's restaurant group, and is also the owner of the NBA's Houston Rockets. Caesars Entertainment operates roughly 50 gaming properties across the United States, including locations in Las Vegas and regional markets. The company also manages managed properties and digital assets. Its portfolio includes well-known brands such as Caesars, Harrah’s, Tropicana, Bally’s, Isle, and Flamingo. Additionally, Caesars holds the U.S. operations of the digital sports betting platform William Hill, having sold its international segment in 2022.

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