Private equity group raises bid for Harrah's
11 Oct 2006
NEW YORK – As reported by Reuters: "Private equity firms Apollo Management and Texas Pacific Group have raised their bid for Harrah's Entertainment (NYSE:HET), the world's largest casino operator, to more than $15.5 billion, the New York Times reported on Wednesday, citing people involved in the negotiations.
"The bid is now worth $83 to $84 per share, the Times said. The company's advisers have signaled to Apollo and Texas Pacific that the offer is too small, the Times said.
"The first offer was worth $81 per share, or around $15 billion in cash. The new offer, submitted this week in a letter to Harrah's board, came after the company's directors rejected the original bid, the Times said…"