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Harrah's Entertainment accepts buy-out bid

Entertainment has agreed on the $27.8 billion buyout offer from the private equity firms Apollo Management Group and Texas Pacific Group. The official bid was announced at the end of September and now one of the biggest publicly traded casino company is going into private hands. The two companies also agreed to assume Harrah's dept, valued at over $10 billion, with a real possibility of that debt to increase during the transition process. To go into effect the deal still has to be voted by Harrah's Entertainment shareholder.

According to their CEO this is just a matter of changing ownership and not direction; the new owners fully support the current development vision and plan to continue in the same way.

In accordance with the current buy-out offer, Harrah's has the right to look for a better bid for 25 days, which they intend to do, especially after Penn National Gaming had offered $87 a share, beating the Apollo and Texas Pacific's $81 a share.

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