Harrah's Stockholders Approve Acquisition by Apollo and TPG
LAS VEGAS, NV, April 9, 2007. Harrah's Entertainment, Inc. (NYSE: HET) today announced that, at a special meeting held today, its stockholders approved the merger and merger agreement with affiliates of Texas Pacific Group (TPG) and Apollo Management, L.P. Based upon the preliminary tally of shares voted, 66% of total shares outstanding voted in favor of the transaction. Subject to satisfaction of all regulatory approvals and other customary closing conditions, Harrah's expects the transaction to be completed by the end of the year.
Under the terms of the agreement, Harrah's stockholders will receive $90.00 in cash for each outstanding Harrah's share.
About Harrah's
Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment through its operating subsidiaries. Since its beginning in Reno, Nevada, nearly 70 years ago, Harrah's has grown through development of new properties, expansions and acquisitions, and now owns or manages casinos on four continents. The company's properties operate primarily under the Harrah's, Caesars and Horseshoe brand names; Harrah's also owns the London Clubs International family of casinos. Harrah's Entertainment is focused on building loyalty and value with its customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.
More information about Harrah's is available at its Web site - www.harrahs.com.
About the Transaction
In connection with the proposed merger, Harrah's filed a definitive proxy statement with the Securities and Exchange Commission. INVESTORS AND SECURITY HOLDERS ARE STRONGLY ADVISED TO READ THE PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors and security holders may obtain a free copy of the proxy statement and other documents filed by Harrah's Entertainment, Inc. at the Securities and Exchange Commission's Web site at http://www.sec.gov. The proxy statement and such other documents may also be obtained for free by directing such request to Harrah's Entertainment, Inc., Corporate Secretary, One Harrah's Court, Las Vegas, NV 89119, telephone: (702) 407-6000 or on the company's website at http://investor.harrahs.com.
Harrah's and its directors, executive officers and certain other members of its management and employees may be deemed to be participants in the solicitation of proxies from its stockholders in connection with the proposed merger. Information regarding the interests Harrah's participants in the solicitation will be included in the proxy statement relating to the proposed merger when it becomes available.
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