Sources: Harrah's nears buyout deal with Apollo, TPG

18 Dec 2006

NEW YORK – As reported by Reuters: "Private equity firms Apollo Management and Texas Pacific Group (TPG.UL) were near reaching a deal to buy Harrah's Entertainment Inc. (NYSE:HET), the world's largest casino operator, with an increased $16.7 billion bid, sources familiar with the situation said.

"The casino sector has been rife with deals this year as executives move to run their businesses away from the pressure of public markets amid strong demand from private equity firms that are branching out to new areas with hundreds of billions of dollars to spend.

"…The latest offer may be worth up to $90 per share, or $16.7 billion, sources said, versus an initial $15 billion offer.

"…A deal would end a takeover saga set in motion more than two months ago, when Las Vegas-based Harrah's said Apollo and TPG had offered to buy it for $81 a share…"

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	Sources: Harrah's nears buyout deal with Apollo, TPG 18 Dec 2006 NEW YORK – As reported by Reuters: "Private equity firms Apollo Management and Texas Pacific Group (TPG.UL) were near reaching a deal to buy Harrah's Entertainment Inc. (NYSE:HET), the world's largest casino operator, with an increased $16.7 billion bid, sources familiar with the situation said. "The casino sector has been rife with deals this year as executives move to run their businesses away from the pressure of public markets amid strong demand from private equity firms that are branching out to new areas with hundreds of billions of dollars to spend. "…The latest offer may be worth up to $90 per share, or $16.7 billion, sources said, versus an initial $15 billion offer. "…A deal would end a takeover saga set in motion more than two months ago, when Las Vegas-based Harrah's said Apollo and TPG had offered to buy it for $81 a share…"