World Business Briefing: Poland: Central Bank Raises Benchmark Interest Rate Poland’s central bank unexpectedly raised its benchmark interest rate, for a second time this year, on concern that wage growth will force companies to increase prices. The Monetary Policy Council, wh... Read Full Article Stocks ’amp; Bonds: Awaiting Fed, Market Is Mixed And Tepid Stocks ended mixed yesterday after yields on the 30-year Treasury bond briefly reached 5 percent and investors grew skittish a day ahead of the Federal Reserve’s first interest rate meeting of the yea... Read Full Article World Briefing | Middle East: Lebanon: Backing For Army Chief For President The main faction in the Lebanese Parliament agreed to amend the Constitution to allow the head of the military to assume the vacant presidency.... Read Full Article New Data Show Rising Inflation And Slumping Home Values The data provided fresh evidence that the housing market is mired in a prolonged slump even as the broader economy is squeezed by higher prices.... Read Full Article Andy Rooney Regrets A Racist Comment In A Recent Column Andy Rooney has made a career of being a grumpy old man, but his latest rant has drawn fire for crossing the line from crotchety to racist.... Read Full Article |
Equity Firms Set To Gain Harrah’s With Offer Of $16.6bnThe offer of at least $90 in cash per share for the casinos operator would be one of the largest private equity takeovers in history, topping a record year for the buyout firms. Last night the private equity groups were said to be hammering out the final details of the deal, which, barring a final hiccup, should be announced today. The completion of a deal with the private equity firms would trump an $87-a-share cash and stock bid that Penn National Gaming, a rival casinos group, is said to have filed last week. Harrah’s owns some of the world’s most luxurious casinos including Caesars Palace in Las Vegas. But the company’s growth has been driven by a portfolio of mid-market properties, which operate under the Harrah’s brand. Casinos are highly attractive to private equity firms because of their strong cashflows from slot machines. However, Harrah’s shares have languished well below the deal price because of concerns over licensing issues. Late last week shareholders continued to expect the firm to be taken out at a price lower than $90 per share. Harrah’s admitted on October 2 that a committee of non-executive directors was reviewing an $81-per-share bid from Apollo Management and Texas Pacific Group. Since then, the price has been gradually driven up by competition with Penn. Harrah’s management is expected to stay on under the new owners and continue the company’s current strategy. The deal comes amid growing concern that some private deals are loaded with excessive amounts of debt. Standard & Poor’s, the credit-rating agency, gave warning last week that the recent boom in takeovers and buyouts could mean more companies were likely to run into financial difficultities. In the UK it emerged this weekend that Lawrence Wosskow and Simon Heath, the catering entrepreneurs, are seeking new investment to back their struggling Little Chef restaurant chain, which was bought from Permira just over a year ago. Tag CloudExternal InformationAdditional InformationIn Britain, Banks Can Swap Assets for Bonds...Washington Post Wins 6 Pulitzer Prizes... World Business Briefing: Japan: Export Growth Slows... Bayer Quarterly Profit Narrows... Where Am I?News Main Page - Business - Equity Firms Set To Gain Harrah’s With Offer Of $16.6bn |
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