LAS VEGAS, Oct. 3, 2013 /PRNewswire/ -- Caesars Entertainment Corporation ("Caesars") (NASDAQ: CZR) announced today that it has set the close of business on October 17, 2013 as the record date (the "Record Date") for the distribution of subscription rights for common stock of Caesars Acquisition Company ("CAC"), as previously announced in its Current Report on Form 8-K filed on April 23, 2013. Each stockholder of Caesars as of the close of business on the Record Date will be issued, at no charge, one non-transferable subscription right for each whole share of Caesars common stock owned by that stockholder as of the close of business on the Record Date. The subscription rights may not be sold, transferred or assigned and will not be quoted on any stock exchange or market.
Each subscription right will entitle the stockholder to purchase from CAC one share of CAC's Class A common stock. CAC is a newly formed company created to facilitate the previously announced strategic transaction pursuant to which Caesars will form a new growth-oriented entity, Caesars Growth Partners, LLC ("Growth Partners"), to be owned by Caesars and CAC. The closing of the strategic transaction is subject to certain conditions, including entry into definitive documentation and the receipt of required regulatory approvals and lenders' approvals, and there can be no assurance that such conditions will be satisfied.
Caesars presently expects to distribute the subscription rights to its stockholders as soon as practicable following the Record Date. Caesars will announce additional information regarding the terms of the subscription rights when the information is available.This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security, nor shall there be any offer or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. A registration statement relating to CAC's Class A common stock has been filed by CAC with the Securities and Exchange Commission (the "SEC"), but has not yet become effective. CAC's Class A common stock may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The offering of CAC's Class A common stock will be made only by means of a prospectus which is a part of such registration statement.