FTC Requests Additional Information Regarding Fertitta, Caesars Merger

Dow Jones09-17 22:22

The Federal Trade Commission has requested additional information from Caesars Entertainment and Fertitta Entertainment, as the companies work to complete a roughly $5.7 billion merger.

Caesars and Fertitta said Thursday they intend to work cooperatively with the FTC, providing the requested additional information and documentary material.

The request comes after billionaire Tilman Fertitta in May reached an agreement to buy Caesars, paying shareholders $31 a share and assuming about $11.9 billion of the casino company's outstanding debt.

The deal would add Caesars's more than 50 resorts to Fertitta's portfolio, which already includes the Golden Nugget casino chain and other hospitality and gaming businesses, as well as the restaurant company Landry's and the National Basketball Association's Houston Rockets.

Prior to the deal's announcement, The Wall Street Journal reported in March that Fertitta Entertainment was in talks to buy Caesars for around $7 billion, fending off a competing offer from billionaire investor Carl Icahn's firm, Icahn Enterprises. Icahn took a stake in the Caesars in 2019.

In a separate filing with the Securities and Exchange Commission on Thursday, Caesars said Jesse Lynn and Ted Papapostolou decided to resign from the company's board. With their resignations, The Icahn Group also waived its right to appoint replacement directors.

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