Caesars Entertainment has set a date for its shareholders to vote on the proposed takeover of the company by Fertitta Entertainment.
Caesars will hold a special meeting of shareholders on 22 September, when investors will decide whether to approve the merger with Fertitta Entertainment, owned by billionaire Tilman Fertitta.
The companies reached an agreement on the deal in May. Fertitta Entertainment offered to acquire Caesars for $17.6bn in cash, including the assumption of approximately $11.9bn in the operator’s outstanding debt.
Under the terms of the agreement, Caesars shareholders will receive $31 per outstanding share. The company’s board of directors has already approved the transaction and recommended that shareholders vote in favour of the deal. If completed, Caesars will become a privately held company and will cease to be publicly traded.
Caesars’ board previously described the terms of the transaction as “compelling” for shareholders. The company said the approval reflects management’s commitment to creating and delivering additional value for investors.
Caesars’ special shareholder meeting will take place on 22 September at Eldorado Resort & Casino in Reno, Nevada, where shareholders will vote on the proposed transaction.
Under the previously announced agreement with Fertitta, Caesars said that CEO Tom Reeg, CFO Bret Yunker, President and COO Anthony Carano, as well as other members of management and employees, are expected to remain in their current positions. They will continue to oversee Caesars’ operations as part of the combined company.
Caesars emphasised that the two companies share a commitment to operational excellence, high-quality customer service and disciplined growth. The company added that employees and guests will remain at the heart of the combined business.
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