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Bid for Harrah's expected to rise

12 Dec 2006

NEW YORK – As reported by Reuters: "Apollo Management and Texas Pacific Group are expected to raise their bid for Harrah's Entertainment Inc. (NYSE:HET) to $87 a share, the Wall Street Journal reported on its Web site on Tuesday, citing people familiar with the matter.

"That would value the company at around $16 billion.

"…Harrah's board set a deadline of Tuesday for bids and planned to meet on Wednesday to consider buyout offers, sources told Reuters on Monday…"

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