Harrah's Receives Acquisition Proposal
LAS VEAGS, NV, October 2, 2006. Harrah's Entertainment, Inc. (NYSE:HET) today confirmed that its Board of Directors has received a proposal from Apollo Management and Texas Pacific Group to acquire all of the Company's outstanding common stock for $81.00 per share in cash.
The Harrah's Board of Directors has established a Special Committee consisting of all non-management directors to review the proposal. The Special Committee has retained UBS Securities LLC as its financial advisor and Kaye Scholer LLP as its legal advisor to assist the Special Committee. The Special Committee has not determined that a transaction is in the best interests of Harrah's and its stockholders or that Harrah's should not continue as an independent public company pursuing its business plan as the world's largest provider of branded casino entertainment. Accordingly, there is no assurance that Harrah's will enter into this or any other transaction.