Harrah’s Agrees To Buyout
Tuesday December 19, 2006
Harrah's Entertainment Inc., the world's largest casino company, has agreed to a $16.7 billion offer from two private equity groups. The agreement with Apollo Management Group and Texas Pacific Group came late last week but lawyers for both sides have been working out the details. The official announcement will be coming soon. The group agreed to pay $90 per share to stockholders.
Harrah's deal is the biggest to take a public casino company private and ranks as the seventh largest leveraged buyout in history, according to Thomson Financial. The largest ever was RJR Nabisco Inc.'s $25 billion acquisition by Kohlberg Kravis Roberts & Co. in 1998.