Caesars' stock soars as Eldorado offerl values casino operator at about $8.6 Bil
Shares of Caesars Entertainment Corp. CZR, -0.60% soared 16% toward an 11-month high in premarket trading Monday, after the casino operator agreed to be bought out by Eldorado Resorts Inc. ERI, -2.85% in a deal that values Caesars at about $8.6 billion. Under terms of the deal, Caesars shareholders will receive a value of $12.75 for each share they own, which represents a 28% premium to Friday's stock closing price. The buyout bid consists of $8.40 in cash and 0.
in which VICI will buy the real estate associated with three Harrah's branded assets for $1.8 billion and leases to two casino assets are amended. Eldorado's stock dropped 6.1% ahead of the open while VICI shares were still inactive. Caesars' stock has rallied 15% over the past three months while the S&P 500 SPX, -0.13% has gained 5.4%.
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