Wednesday, Nov. 29, 2006

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Harrah's may field second purchase offer

By Erin Warner

The third-largest gaming firm in the U.S. is considering making an offer on casino and World Series of Poker owner Harrah's Entertainment Inc., the "New York Times" is reporting today.

A group led by Penn National Gaming Inc. and hedge fund D.E. Shaw is thinking about offering cash and stocks, with financing provided by Lehman Brothers and Wachovia Corp., the newspaper said.

Two months ago, Apollo Management and Texas Pacific Group made a $15 million offer to acquire Harrah's and have since raised the amount to $15.5 million. Harrah's directors are still reviewing the original bid.

Harrah's total dollar value of all outstanding shares is $14.2 billion, more than three times that of Penn Nation, owner of casinos and horse-racing parks.

If accepted, the deal would include the entertainment company's more than 40 casinos, including those under the Caesars and Horseshoe names.

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