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Caesars shareholders to vote on buyout in March

Monday, Jan. 24, 2005 | 10:39 a.m.

Shareholders of Caesars Entertainment Inc. are expected to vote on the company's $9.4 billion acquisition by Harrah's Entertainment Inc. on March 11.

Under the agreement, shareholders will elect to convert each share of Caesars stock to $17.75 in cash or 0.347 shares of Harrah's, according to a notice sent to Caesars shareholders.

Harrah's shareholders also will meet March 11 to approve the issue of about 360 million shares, according to a separate notice sent to Harrah's stockholders.

The company is seeking approval to increase its share count to 720 million shares from 360 million shares in connection with the Caesars buyout.

Harrah's expects to issue 67.7 million shares of common stock in connection with the deal. Caesars shareholders will own about 37.4 percent of Harrah's stock.

Federal and state regulators have yet to approve the deal.

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