Harrah's, the world's largest casino operator, has apparently accepted a $17.1bn bid from two private equity firms for the company. The Las Vegas-based organisation has okayed a revised £90 a share offer from Apollo Management and Texas Pacific Group, which brings to a head more than eight weeks of negotiations between the parties.
Harrah's owns the world-famous Caesars, and London Clubs International, as well as the prestigious World Series of Poker brand, and is in the process of acquiring the Barbary Coast Hotel and Casino. from Boyd Gaming.
The share offer does not rule out a higher bid from any other interested parties, though it is a significant raise from the $81-a-share offered by the same groups in October.
Chief Executive Gary Loveman said simply: "I don't expect further bids, but anything is possible."
The deal is subject to shareholder and regulatory approvals.
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