Eldorado Resorts Reportedly To Buy Caesars Entertainment In Cash, Stock Deal

(RTTNews) - Casino operator Eldorado Resorts Inc. (ERI) has agreed to acquire Caesars Entertainment Corp. (CZR) for about $8.7 billion in cash and stock, reports said citing people familiar with the matter.

The offer is for about $13 per Caesars share, representing a 30% premium from Friday, June 21. Including Caesars' debt, the deal would be valued at about $18 billion.

The companies will announce the deal on Monday, the reports said. Following the deal closure, it is expected that the combined company will be split equally with both companies' shareholders.

Earlier, Reuters had reported that Caesars had agreed to give Eldorado access to its books following pressure from billionaire investor Carl Icahn. As per reports, Icahn has a 28.5% stake in Caesars.

Caesars emerged from bankruptcy in 2017.