Investing.com — shares rose 4.7% Wednesday after the Wall Street Journal reported that billionaire Tilman Fertitta is in exclusive talks to acquire the casino operator for approximately $34 per share.
According to the report, Fertitta’s company, Fertitta Entertainment, has been discussing a deal valued at roughly $7 billion, topping a competing offer from billionaire investor Carl Icahn’s firm. Caesars shares closed Tuesday at $26.01, giving the company a market value of over $5 billion.
The WSJ reported that Caesars had also received an all-cash offer of around $33 per share from , the publicly traded company that houses Icahn’s investments. Icahn is currently a Caesars shareholder. The report noted that Icahn Enterprise’s offer has not been officially rejected by Caesars.
People familiar with the matter cautioned that an announcement between the two sides is not imminent, and it is possible the talks will not result in a deal.
Caesars Chief Executive Tom Reeg would likely be involved with either bid, according to sources cited in the report.
The Financial Times reported in late February that the company was attracting takeover interest from Fertitta and a group that included management.
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