Ever since activist investor Carl Icahn increased his shares in Caesars to become the single largest stakeholder, reports of a possible caesars acquisition have been doing the rounds.
According to the latest from those familiar with the matter, a Caesars Eldorado Resorts merger is at an advanced stage, and it could possibly be successful this time.
It is estimated that Caesars could get as much as $11 per share. Earlier the news of the possible deal being at an advanced stage was broken by Wall Street journal, following which, Caesars shares had jumped 8.4 percent to $9.90. Eldorado’s shares gained 2.5 percent to $51.
Last year, Golden Nugget owner Tilman Fertitta had also proposed to acquire Caesars, but his request was turned down.
Recently Treasure Island CEO, Phil Ruffin, had said that he is ready with $1 billion in cash to purchase Caesars Vegas Strip properties.
We had also reported that Caesars’ financial position has already been shared with Eldorado for inspection and that Eldorado’s analysts were already in the process to analyze the possibilities and terms of the merger.