Fertitta approached Caesars last year with a takeover offer that would have seen the combination of the Las Vegas casino and hospitality powerhouse with Fertitta’s smaller casino business. Caesars declined the offer, deterred by the fact that a transaction would have ballooned its debt, which stood at around US$9 billion at the time.
Fertitta has reportedly been looking for cash partners to shore up his bid over the past several months. Bloomberg reported last month that the businessman has bought 4 million shares of Caesars, which represented less than 1% of the company’s overall stock.
Sources told the New York Post that while Fertitta has not found cash partners, he is gearing up to make a new offer for the hotel and casino operator.
According to people familiar with the ongoing developments, the businessman’s bid to buy Caesars could get help from the fact that the company’s largest shareholder – New York billionaire investor Carl Icahn – is pressing for sale, while amassing a whopping stake.
Source: GMB / Casino News Daily
