Harrah's Board Said to OK $16.7B Offer and MGM Shares Up 3.6% on Pequot Tribe Alliance1 January 2007
Resorts & Casinos industry news provided by Financial News USA (OTC: FNWU). Harrah's Entertainment Inc. (NYSE:HET), the world's largest casino company, has agreed to a $16.7 billion offer from two private equity groups, two people with knowledge of the negotiations said. The agreement with Apollo Management Group and Texas Pacific Group came late last week but lawyers for both sides have been working out the details, said the sources, who spoke on condition of anonymity because of the sensitivity of the talks. Shares of casino operators Harrah's Entertainment Inc. (NYSE:HET) and Penn National Gaming Inc. (Nasdaq:PENN) rose Monday on reports that Harrah's is close to accepting a sweetened buyout offer from private-equity firms Apollo Management and Texas Pacific Group. The new bid is seen surpassing $83.50 a share, a source with direct knowledge of the talks told the Associated Press, or even reach $90 per share.
The Mashantucket Pequot Tribal Nation and MGM Mirage (NYSE:MGM) said Monday they inked a pact to build a new MGM Grand hotel/casino resort adjacent to Foxwoods Resort Casino. MCM shares rose 3.6% to $57.30. The new $700 million MGM Grand at Foxwoods is expected to open in the spring of 2008. The two entities will also develop additional gaming and non-gaming projects, both at Mashantucket and outside of Connecticut. NewMarket Technology, Inc. (OTCBB:NMKT) CEO Philip Verges will be featured tomorrow on Market News First (www.mn1.com) for an exclusive audio and video interview with the MN1 news team. The interview is scheduled for Dec. 15, 2006, at 9:30 AM CST. "NewMarket's most recently announced planned combination of its WiFi's investments into Diamond I (OTCBB:DMOIE) further validates our confidence in reiterating our Outperform rating and price target of $0.78 on NewMarket's stock."
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