FTC's Fine With Harrah's Merger
On Wednesday evening Harrah's said the Federal Trade Commission had signed off on the merger. Federal approval was widely expected. Next up is the Nevada Gaming Commission, which is set to meet Friday. Industry experts expect state regulators to follow the FTC's lead in approving the merger.
If that happens, Harrah's expects to complete the merger next Monday. Harrah's is paying about $1.9 billion in cash and 67.9 million shares for Caesars in a deal worked out last July.
The casino industry's other megamerger -- MGM Mirage's (MGM) purchase of Mandalay Resort Group -- closed in April.Harrah's shares were up 43 cents, or 0.6%, at $72.45 midmorning Thursday. Caesars shares gained 11 cents, or 0.5%, to $21.78.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV