Caesars Holders File Suit: Shareholders of Caesars...
From Times Staff and Wire Reports
Caesars Holders File Suit: Shareholders of Caesars New Jersey filed a class-action suit in Los Angeles Superior Court that seeks to halt Caesars World Inc.’s proposed buyout of the company. The suit calls the tender offer of $22 a share “grossly inadequate.” A similar class-action was filed in U.S. District Court in Los Angeles. Both accuse Caesars World of unlawfully manipulating the price of shares of Caesars New Jersey to pave the way for the tender offer. The offer, announced on July 19, would give Caesars World complete control of Los Angeles-based Caesars New Jersey, which already is an 86.6% subsidiary of Caesars World.
