Eldorado and Caesars shareholders approve Friday November 15 the $ 17.3B merger.
Shareholders from Eldorado Resorts and Caesars Entertainment on November 15 overwhelmingly voted in favour of the gaming companies’ $ 17.3 billion merger, setting the stage for the approval process from roughly 18 state regulatory agencies and the Federal Trade Commission.
The okay from the stockholders was the initial step to finalize the transaction, which was first announced in June. The merger will create a regional gaming giant which currently controls 60 gaming properties in 18 states, including nine in Las Vegas and four of the nine resorts in Atlantic City.
Eldorado’s stockholders, voting at the Eldorado Resort in Reno, cast their ballots 99% in favor of the merger. The votes represented 87% of the total stockholders.
Likewise, Caesars shareholders, voting at Caesars Palace in Las Vegas, cast ballots 99% in favor of the deal. The votes represented 76% of the company’s stock.
Under terms of the agreement, Eldorado will pay $8.40 per share in cash and 0.0899 shares of Eldorado stock for each Caesars share, or $12.75 per share.
The result combined business will be called Caesars and its shares will be traded on the Nasdaq.
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