Billionaire Tilman Fertitta has been in exclusive talks to buy Caesars Entertainment for roughly $7 billion. Fertitta Entertainment discussed paying around $34 per share, topping an all-cash offer of around $33 per share from Icahn Enterprises.
Fertitta makes a over-market bid to buy Caesar’s Entertainment
Fertitta’s $34-per-share offer was fair, with the price being 17% higher than Caesars’ Wednesday close of $29.07 per share. While the deal is being considered an announcement was not immediately made and even if talks open on that front, it may still not end in a deal.
Caesars remains one of the most prominent names in U.S. gaming, making it a strategic aqquisition for investors seeking to scale their existing casino, sportsbook, and hospitality operations. Any potential deal would likely attract close scrutiny because of the company’s market share and the sheer size of the proposed offer.
Fertitta and Icahn history with Caesars
Fertitta originally approached Caesars in 2018 to inquire about merging it with his gaming empire. With addition pressure being added from Icahn who bought a 9.78% stake in the company in 2019 and pushed Caesar’s board of directors toward a sale, but this was unsuccessful. But it looks like Fertitta is ready to take another shot at acquiring the U.S gaming empire and bringing it under his umbrella.
