Harrah's Receives Buyout Offer

The Wall Street Journal reported that Harrah's Entertainment, the partent company of the Harrah's casinos, had received a buyout offer from Apollo Management and Texas Pacific Group to acquire the casino operator for $81 a share in cash.

Harrah's confirmed the story said its directors have established a special committee, consisting of nonmanagement board members, to review the proposal. The company said the committee hasn't determined that a buyout is in the best interests of Harrah's or its stockholders. Harrah's said there was no assurance that it will agree to the bid or to any other transaction