Harrah's Entertainment (HET) is set to receive a higher bid from its private equity suitors, according to published reports.
The nation's biggest casino operator reportedly will meet Tuesday to evaluate its buyout offers. Harrah's has made no comments since receiving its first $81-a-share bid in early October from Apollo Management and Texas Pacific Group.
The firms are now expected to raise their bid to as high as $87 a share, according to
The Wall Street Journal
Several published reports said that the company has already received a higher bid of $83.50 in recent weeks from Apollo and Texas Pacific.
Penn National Gaming
and hedge fund D.E. Shaw also are reportedly involved in the bidding process for Harrah's. The Journal reported that the Apollo and Texas Pacific group may be holding back its higher bid to see if a rival offer materializes.
Shares of Harrah's recently were up 23 cents, or 0.3%, to $79.97.