Fertitta Entertainment is negotiating to acquire Caesars Entertainment for $32 per share, valuing the company's equity at $6.5 billion, CNBC reported citing people familiar with the matter. The proposed deal assigns Caesars an enterprise value of $31.5 billion, factoring in its significant debt load.
The discussions are taking place during a 45-day exclusive negotiation window, with talks reportedly held this weekend at Fertitta's headquarters in Houston.
Earlier this week, the Wall Street Journal reported Fertitta had considered offering $34 per share, which would value Caesars at approximately $7 billion.
Caesars has also attracted interest from Icahn Enterprises, which submitted an all-cash bid of about $33 per share. Billionaire Carl Icahn's firm had previously made a friendly offer in January at $28.50 per share, assuring that Caesars' current management would remain in place.
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