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Updated: 10:08 PM Feb 7, 2012
Caesars Prices Shares at $9
Casino operator Caesars Entertainment Corp. has priced its initial public offering of 1.8 million shares at $9 apiece.
Posted: 4:47 PM Feb 7, 2012Reporter: AP Email Address: news@kolotv.com |
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LAS VEGAS (AP) - Casino operator Caesars Entertainment Corp. has
priced its initial public offering of 1.8 million shares at $9 apiece.
It expects to raise about $16 million before deducting costs.
The offering values Caesars at about $1.4 billion overall
because it includes just 1.4 percent of the company's outstanding
stock.
The shares go on sale Wednesday and will trade on the Nasdaq.
In 2007, when Caesars was known as Harrah's, Apollo Management
Group and Texas Pacific Group paid $17.1 billion and assumed $12.4
billion in debt to take the company private.
Caesars canceled a more ambitious plan to resume being publicly
traded in 2010 when it found it couldn't get the price it wanted
for its shares.
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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