Harrah’s gets OK for record buyout
From Times Wire Services
Harrah’s Entertainment Inc. has tentatively cleared the last remaining regulatory hurdle to the largest casino buyout ever.
Las Vegas-based Harrah’s said the National Indian Gaming Commission had approved the company’s $17.7-billion purchase by private equity buyers Apollo Management and Texas Pacific Group, pending final commission review. That conditional approval means Harrah’s can go forward with the deal, which is expected to close in early 2008.
No further regulatory approval is required.
Harrah’s stock rose 52 cents to $88.85. The buyout deal calls for Apollo and Texas Pacific to pay $90 a share.
