Harrah's and Caesar's Closer to Merger
January 21, 2005 at 10:59 AM |
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According to Investor's Business Daily Harrah's and Caesars announced Wednesday that they had substantially complied with a request from the Federal Trade Commission for additional information surrounding their proposed $9.4 billion merger agreement.
A spokesman for the FTC said that if the companies have certified all the additional information requested covering various antitrust concerns, government regulators would have 30 days to approve the transaction, which would create the world's largest casino company.
Thompson said the FTC had expressed concerns about both companies operating casinos in Atlantic City and Tunica, which were addressed by the proposed sale agreements.
"We've responded fully to what the FTC had requested," he said.
FTC approval is also still pending for MGM Mirage's $7.9 billion buyout of the Mandalay Resort Group. The companies have said they would like to close the transaction by the end of March.
Also on Wednesday, Harrah's announced that the company's board of directors had declared a quarterly cash dividend of 33 cents per share, payable on Feb. 23 to shareholders of record by the close of business on Feb. 9.
Shares in Harrah's closed down 24 cents, or 0.36 percent, Wednesday at $65.74; shares in Caesars were down 10 cents, or 0.5 percent, at $19.85.
by
johnkeats
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