Report: Harrah's sale imminent
The Wall Street Journal reported Sunday that two private equity firms have offered $16.7B for the casino giant; deal announcement could come Monday.
NEW YORK (CNNMONEY.COM) -- Two leading private-equity firms are on the verge of buying casino giant Harrah's Entertainment in what would be one of the largest private-equity deals in history, the Wall Street Journal reported Sunday.
Citing two sources familiar with the negotiations, the Journal said Apollo Management and Texas Pacific Group have offered at least $90 a share, or $16.7 billion. While details of the deal were still being worked out, the paper said an announcement could come as early as Monday.
Harrah's (Charts), the world's largest gaming company, has been on the block for at least three months. As of Friday, shareholders had been expecting a price below $90 a share, the Journal said. Penn National, a smaller casino company, had offered $87 per share.