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Harrah's Entertainment Gets Buyout Offer

Business, 2006-10-03, by Ozone

On the first stock trading day following the passage of anti-internet gambling legistlation, Harrah's Entertainment saw their stock increase by 14 percent. The casino giant has strong ties to the poker world; they own the World Series of Poker (WSOP).

The stock was driven up by an offer from Apollo Management and Texas Pacific Group to buy Harrah's for $15.1 billion. Harrah's said they have "not determined that a transaction is in the best interests of Harrah's and its stockholders."

The offer is set at $81 per share. Harrah's stock closed at $75.68 on Monday; up $9.25.

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