Wall Street sources predicted late this Sunday afternoon that after 6-days of round-the-clock negotiations and analysis, the special board of directors for Harrah's will announce tomorrow morning (Monday, Dec. 18) that they'll recommend acceptance of an increased $90+ per share offer . The billions-bidding war began when private equity bankers Apollo Management and Texas Pacific Group offered $81 a share a little over two months ago. A rival bid of $87 per share was made by rival gaming company, Penn National.
Subsequently, that mega-billion offer was trounced by Apollo and stepped up to $90+ per share in what will be the largest-ever -near $20-billion- buyout! Specific details with the terms of the transaction to end the takeover saga for the world's largest casino company were apparently still being finalized this afternoon for tomorrow's official announcement.
While investors from Vegas to Atlantic City waited on the outcome of the long weekend's secret location, closed-door meetings near Wall Street, Harrah's stock closed at $79.50 on Friday on the New York Stock Exchange -- below the bid price.
Financial experts do not expect senior Harrahs officials such as CEO Gary Loveman and his hotel presidents Gary Selesner (Caesars), Don Marrandino (Harrahs/Flamingo) and Marilyn Wynn ( Ballys / Rio ) to be affected by the change in ownershoip -- nor will it affect Tuesday's Clark County commissioner hearings about adding a new 1,000 room supertower at Caesars Palace!
Watch for the 8AM ET announcement expeccted tomorrow - 90 minutes before Wall Street opens for trading! Luxe Life will be tracking the story so stay tuned.
Related Pop-ular Stories:
- Harrah's Buyout Offer Higher?
- Harrah's Buyout Offer Goes From $15 to $20 Billion
- Harrah's Gets Billion Dollar Buyout Offer
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