Tick, tock
1 min read
Running down the clock: Activist investor and long-term shareholder in Caesars Entertainment, Carl Icahn, has until today to lodge a bid to rival that of Fertitta Entertainment’s $31-a-share offer.
- Caesars Entertainment accepted Fertitta’s bid but attached a go-shop period that expires today.
- Bloomberg reported this week that Jefferies is sounding out investors for ~$5bn of debt to support a possible rival bid from Icahn, pitched at $33-a-share against the Fertitta all-cash offer.
- Separately, the Icahn-supported board member Courtney Mather stepped down earlier this week with no reason given.
Believe it when I see it: The market is not convinced Icahn will manage it. Caesars stock rose 1.1% on Tuesday, to $30.35, on the initial Bloomberg report, before retreating to $29.82 at Wednesday’s close as a subsequent CNBC report judged an Icahn bid unlikely to beat the Fertitta deal.
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