Stockholders OKd Caesars’ recapitalization.
Approval of the plan, incorporating a $26.25-per-share cash dividend, was by a 4-to-1 margin at a special meeting of Caesars at the Beverly Hills Hotel. The tally was 17.5 million shares in favor, 4.6 million against and 80,614 abstaining. Some 30.7 million shares were entitled to vote. As expected, Martin T. Sosnoff, who gave up a tender offer for the company last month, cast his 4.2 million shares against the company plan. The Los Angeles firm owns Caesars Palace in Las Vegas.