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Caesar Entertainment (CZR.US ) shares soar! Reports indicate billionaire Fertitta is in talks to acquire the company at a 31% premium.
Media reports citing insiders say that Tilman Fertitta, a U.S. hospitality and restaurant mogul and billionaire, has entered exclusive negotiations to acquire Caesars Entertainment (CZR.US) for about $7 billion. Spurred by the news, Caesars Entertainment’s U.S.-listed shares rose nearly 12% on Wednesday.
The report said that Fertitta’s company is discussing buying the casino and hotel operator for about $34 per share. This offer represents a premium of roughly 31% over Caesars Entertainment’s Tuesday closing price, and it is also higher than the $33-per-share cash acquisition offer previously proposed by Icahn Enterprises (IEP.US). The report also added that there is not yet a near likelihood of announcing the deal, and that negotiations may still fail to reach a final agreement.
Fertitta owns the Golden Nugget casino chain brand, as well as the Landry’s restaurant group, and he is also the owner of the NBA team the Houston Rockets. Caesars Entertainment has about 50 U.S. domestic gaming properties in Las Vegas and other regional markets. In addition, the company also operates managed properties and digital assets. Caesars’ brands include Caesars, Harrah’s, Tropicana, Bally’s, Isle, and Flamingo. The company also owns the U.S. portion of the digital sports betting platform William Hill (it sold the international business in 2022).