By Lisa Kerner
Charlotte, N,C., Feb. 27 - Harrah's Entertainment, Inc. said shareholders of record as of March 8 can vote on the previously announced merger agreement with affiliates of Apollo Management and Texas Pacific Group at a special meeting on April 5.
Under the agreement, Harrah's stockholders will receive $90.00 per share of Harrah's stock in the all-cash transaction valued at about $27.8 billion, including the assumption of about $10.7 billion of debt.
Harrah's board of directors approved the agreement and recommended that its stockholders vote in favor of the agreement, according to a company news release.
The agreement, expected to close within one year, gives Harrah's 25 days to solicit superior proposals.
Las Vegas-based Harrah's provides branded casino entertainment.
| Acquirer: | Apollo Management and Texas Pacific Group
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| Target: | Harrah's Entertainment, Inc.
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| Transaction value: | $10.7 billion
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| Price per share: | $90.00
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| Announcement date: | Dec. 19
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| Expected closing: | Within one year
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| Stock price for acquirer: | NYSE: HET; $84.92 on Feb. 26
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