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Or sign-in if you have an account.The takeover includes about $11.9 billion of the casino's outstanding debt. Upon completion of the transaction, shares of Caesars will no longer be listed. Photo by Bryan Passifiume/PostmediaCaesars Entertainment Inc. has agreed to be bought by Fertitta Entertainment Inc. in a US$5.7 billion, all-cash deal that stands to form a massive entertainment empire in the United States.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorCaesars shareholders will get US$31 a share in cash, the company said in a statement. The offer price represents a 49 per cent premium over Caesars’ stock price on Feb. 25. The agreement includes a “go-shop” period through July 11 when Caesars can weigh other bids.The Houston real estate mogul Tilman Fertitta has pursued a merger of his casino and restaurant business and the Las Vegas company for years. The plan would combine his Landry’s restaurants and Golden Nugget properties with Caesars, which owns or manages some 52 casinos in the U.S. The takeover is subject to regulatory review, and Fertitta may be forced to shed assets to gain approval.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againFertitta was a prominent donor to President Trump’s 2024 election campaign, and serves as the U.S. ambassador to Italy. His empire includes the NBA’s Houston Rockets, as well as restaurants in New York and a large stake in betting firm DraftKings.The Carano family, which owns about five per cent of Caesars’ outstanding shares, has agreed to roll a portion of their equity into Fertitta, according to Thursday’s statement. Bloomberg reported in April that the Carano family, some of whose members sit on Caesars’ board or in the executive suite, and Caesars chief executive Tom Reeg may have an ongoing role as part of a deal with Fertitta.Caesars shares were up 1.9 per cent in premarket trading at US$29.32, just below the offer price.The takeover includes about $11.9 billion in outstanding debt. Fertitta plans to finance the deal through a combination of equity and new debt financing arranged by a group of 10 banks. Upon completion of the transaction, shares of Caesars will no longer be listed.PJT Partners is the exclusive financial adviser, Latham & Watkins LLP is legal counsel, and Skadden Arps Slate Meagher & Flom LLP is antitrust counsel to Caesars on the deal. Freshfields is counsel to the Carano family. Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are financial advisers and White & Case LLP is legal counsel to Fertitta. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.