Fertitta reportedly tabled a $32-per-share bid for Caesars as acquisition discussions continued, according to the report. The proposed offer would involve him taking on more than $11bn of Caesars’ existing debt; the report described the talks as involving an $18bn acquisition.
The proposed transaction could change Caesars’ ownership and place more than $11bn of existing debt with the bidder.
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Meta reportedly held talks with Kalshi chief executive Tarek Mansour last year about a possible acquisition, but the discussions ended without a deal. People familiar with the talks gave conflicting accounts of why they broke down, and Meta and Kalshi declined to comment on the reports. Meta is reportedly developing a prediction-market app, while the reports say its potential use of real-money trading remains unresolved.
Meta chief executive Mark Zuckerberg reportedly met Kalshi chief executive Tarek Mansour last year to discuss a possible acquisition. The talks remained at an early stage and ended without agreement; accounts differ on the reasons. Meta is now developing a prediction app called Arena that is not expected to use real-money wagering.
Texas Capital analyst David Bain lowered estimates for Boyd Gaming ahead of its third-quarter results, due on 22 October, while retaining a buy rating and a $106 price target. Bain cited valuation and possible growth catalysts, including a fourth-quarter recovery in Las Vegas locals and other regions; Boyd could also consider assets Caesars Entertainment may sell, although no venues have been put on the market.
Jesse Lynn and Ted Papapostolou resigned from the Caesars Entertainment board with immediate effect, according to a company filing. Caesars and Fertitta Entertainment received a second information request from the FTC concerning their proposed merger and have 30 days to respond; completion remains subject to the review period and other agreement conditions.
Wohl & Fruchter LLP renewed its investigation into the proposed acquisition of Caesars Entertainment by Fertitta Entertainment after a filing disclosed a $34-per-share cash bid from the Icahn Group during the go-shop period. Caesars’ board supports Fertitta’s $31-per-share offer and recommended it to shareholders, who are scheduled to vote on 22 September, according to the report.