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wow! that has been in talks for quite some time and finally went through. now lets see how to new companys approach towards the internet will be???
Quote:Harrah’s Entertainment Inc., the world’s largest casino company, accepted a $17.1 billion offer from Apollo Management LP and Texas Pacific Group in the fourth- biggest private-equity buyout ever.The $90-a-share offer is 35 percent higher than Harrah’s closing price on Sept. 29, the last trading day before the initial bid was announced.
Private equity funds have been buying up companies (and paying silly money) for the last 12-18 months.
Harrah’s posted $236.7 million in net income on $7.1 billion in revenue in 2005 – so they paid about 60 times the last known earnings ….
… no wonder the casino owners happily sold out !!
:xmas:Quote:New York-based Apollo Management founding partner Leon Black was the former co-head of corporate finance at now-defunct Drexel Lambert Inc., the top underwriter of high-yield corporate debt before the firm collapsed in 1990.A great track record …
:crazy:Man, it sucks to be dead right about these things…
Did anyone really expect this wasn’t going to happen? sly.gif
I guess Mr. Bill (Frist) is sitting pretty from his windfall off this deal. So much, that he decided to “retire” from Public office…………..
