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Harrah's Agrees to Apollo, Texas Pacific Buyout Offer
Tuesday, December 19, 2006 at 7:07:48 PM
By Oliver Staley and Brett Cole
Harrah's Entertainment Inc., the world's largest casino company, accepted a $17.1 billion offer from Apollo Management LP and Texas Pacific Group in the fourth- biggest private-equity buyout ever.
Harrah's investors will get $90 a share in cash, the Las Vegas-based company said in a statement today. Including the assumption of $10.7 billion in debt, the transaction is about $27.8 billion. Harrah's, which owns the Flamingo and Caesars Palace casinos, expects the deal to be completed in one year.
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