Sosnoff vowed not to drop his Caesars bid.

New York money manager Martin T. Sosnoff told shareholders of Caesars World in a letter that he will not drop his $32-per-share bid for control, noting that he already has spent millions of dollars to finance an acquisition. Continuing his mail campaign to oust four top officers from the board of the casino owner, Sosnoff told stockholders that the company has not disclosed what their stock would be worth if they approve its plan to take on $1 billion of new debt and pay a $25 cash dividend. Sosnoff controls about 13% of the company, which has hotel-casino operations in Las Vegas and Lake Tahoe, and Atlantic City, N.J., as well as resorts in the Poconos Mountains of Pennsylvania.