Apollo Management and Texas Pacific Group are on the verge of winning the auction for casino operator Harrah¿s Entertainment, according to a media report.
The two private-equity groups have made an offer of at least $90 a share, according to the report, published Sunday on
The Wall Street Journal¿s
Web site. Both sides are working out the final details and expect to announce a deal Monday, according to the report, which cited two people familiar with the matter.
If consummated, the purchase would be one of the largest private-equity buyouts in history. There has been a flood of big buyouts this year, as private-equity investors have sought places to put their cash to work.
Harrah¿s shares finished Friday up 40 cents at $79.50.