Carl Icahn, the single biggest stakeholder in Caesars Entertainment Corp, is reportedly at odds with the company’s board over sale price in a potential merger deal with Eldorado Resorts, reports The New York Post.
Earlier reports emerged that Eldorado Resorts is in advanced talks with Caesars about a merger deal.
Also, this week it was confirmed that Eldorado Resorts is selling three of its casinos to Century casinos and Vici properties for $385 million- a step which experts see as an indicator of near confirmation of the Caesars Eldorado merger.
According to the reports, Icahn, who holds a 28.5 percent stake in Caesars believes that the price demanded by the Caesars Board is way too much. He has always been in favor of the sale of Caesars as he feels that it is the only way ahead for the company.
While Caesars has been expecting $13 per share, Eldorado has been reported to have made an offer to the tune of $10.50 and which has been termed as too low by the Caesars Board.
However, according to the industry sources, Icahn is expecting $12 from Eldorado for the deal to materialize.
Eldorado could offer $12.50 for the deal. The company has raised concerns over Caesars accumulated debts and is still negotiating on the table.