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NEWS 7 June 2019

Caesars and Eldorado merger talks edge closer

By Tim Poole

Varying reports have surfaced over a potential merger between Caesars Entertainment and Eldorado Resorts.

In March, the two casino operators opened M & A talks, with Caesars’ largest individual shareholder Carl Icahn strongly in favour of a Caesars sale.

Whether that sale concludes with Eldorado or a different operator is unclear, with the Wall Street Journal claiming a deal is nearing completion, while the New York Post says Icahn has rejected Eldorado’s initial offer.

This week’s GI Friday discussed Caesars’ failed talks with William Hill last year and analysed fresh speculation surrounding Caesars and Eldorado.

The Journal’s report suggests the two parties are finalising a cash-and-stock deal.

According to the Post however, Icahn is holding out for a higher offer, rejecting an "underwhelming" bid worth $10.50 per share; Caesars is currently trading at $9.52 a share.

Should a higher price be agreed, a deal could be announced as early as next week, with Bloomberg speculating Caesars could land over $11 per share, valuing the operator at more than $7.4bn.

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