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Harrah's says it's accepting $90 per share buyout offer

KVBC Las Vegas, Friday, January 5, 2007 at 9:52:10 PM

Harrah's confirms it's accepting a $90-a-share buyout offer from two private equity firms. Apollo Management Group and Texas Pacific Group will acquire the casino giant in a deal worth $17.1 billion. The two firms will also assume $10.7 billion in debt.

Initially, Apollo and Texas Pacific offered $81--a-share. The agreement announced today is about a 36-percent premium over that.

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