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NEWS 11 April 2019

Caesars board to officially approve sales process

By Tim Poole

Caesars Entertainment is set to announce its board has approved a sales process, according to reports.

The New York Post says pressure from Carl Icahn has forced the board’s hand, while a second potential suitor has been invited to its "data room" to review Caesars’ finances.

It is suggested Golden Nugget owner Tilman Fertitta was recently invited to conduct due diligence by the operator.

Fertitta initially made a reverse merger offer in October, which was rejected by the Caesars board.

Last month, Caesars also entered into early talks with Eldorado Resorts regarding a merger.

Icahn is the largest individual shareholder at the casino operator and could be set to instate a fourth representative on the board next week, following the recent resignation of one of the board’s existing members.

The billionaire is keen for Caesars to engage in M & A moving forward and official board approval of a sales process would be an important official step.

That said, it simply confirms what has already been widely anticipated since Icahn's initial involvement.

RELATED TAGS: Land-Based | Industry | Mergers & Acquisitions | Casino
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