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Mergers & AcquisitionsIndustry

Caesars grants Icahn board representation; billionaire re-emphasises M & A ambitions

Carl Icahn has re-emphasised his belief that the best strategy for Caesars Entertainment's growth involves selling or merging the company.

Caesars

His comments came after the operator appointed three senior Icahn Group executives to its board.  

Keith Cozza, CEO of Icahn Enterprises, and Courtney Mather and James Nelson, both Directors at the same firm, all join with immediate effect.  

Icahn said: "I believe the best path forward for Caesars requires a thorough strategic process to sell or merge the company to further develop its already-strong regional presence, which will allow Caesars to continue to take advantage of the Caesars Rewards program bringing more and more players into Caesars' Vegas market.

"I expect this to make Caesars the most powerful competitor in Vegas, the gaming capital of the world."

Pursuant to the agreement, the Icahn Group, owners of 9.78% of Caesars’ outstanding shares, has agreed to vote all of its shares in favour of each of Caesars’ board nominees at its annual meeting.

Icahn added: "Caesars would be a great opportunity for certain investors who have already expressed interest, and I'm glad the board will explore these opportunities."

James Hunt, Caesars Chairman, said: "Since the completion of Caesars' restructuring, we have been undergoing a strategic process to create value, and we will continue that process working with our new directors."

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