Market Overview

Report: Caesars, Carl Icahn Getting Close On Deal, But Price Is Sticking Point

Report: Caesars, Carl Icahn Getting Close On Deal, But Price Is Sticking Point

Caesars Entertainment Corporation (NASDAQ: CZR) is looking to sell itself for $13 per share, but billionaire investor and major shareholder Carl Icahn is willing to accept a lower offer, according to the New York Post.

What Happened

Caesars received an offer to sell itself to rival casino company Eldorado (NASDAQ: ERI) for $10.50 per share. Caesars' board rejected the deal with the support of Icahn, who owns a 28.5% stake. However, the Post said the offer could be close to what Icahn is willing to accept as he is at odds with the board's $13 per share goal.

A source close to the matter told the Post Caesars is "getting close" to closing a deal as it's exploring options at a "price that is right for all shareholders."

Why It's Important

Three of the eight Caesars board members were appointed by the activist investor and the recently appointed CEO Tony Rodio is also considered an Icahn ally. Coupled with Icahn's stake, a deal with Eldorado could pass at close to $12 per share, a source said.

Icahn would net an approximate $3 per share profit as he bought most of his stake in early 2019 at around $9 per share.

Another source familiar with Icahn's operations told New York Post Icahn is likely to win the battle. After all, no is "better at getting things done than Carl."

Caesars closed Monday's session at $9.85 per share.

Related Links:

Caesars Plays Nice With Carl Icahn, Casino Operator's Stock Trades Higher

Caesars, Eldorado Resorts Combination Could Be Imminent

Posted-In: Carl Icahn casino gaming New York PostM&A News Rumors Media Best of Benzinga


Related Articles (ERI + CZR)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

Benzinga's Top Upgrades, Downgrades For June 18, 2019

Arthur J. Gallagher To Acquire P2 Group