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Harrah's Entertainment, Inc. Announces Completion Of Merger

Discussion in 'Casino Industry Discussion' started by RobWin, Jan 28, 2008.

    Jan 28, 2008
  1. RobWin

    RobWin closed account

    Occupation:
    Who knows?
    Location:
    A Vault!
    I just received this in my email, thought some of you guys might be interested:


    LAS VEGAS, Jan. 28 /PRNewswire-FirstCall/ -- Harrah's Entertainment, Inc. (NYSE: HET) today announced the completion of its merger with Hamlet Merger Inc., a Delaware corporation. As a result of the merger, the issued and outstanding shares of non-voting stock of Harrah's are owned by entities affiliated with Apollo Management, L.P. and TPG Capital, L.P. (together with certain co-investors and members of management) and the voting stock of Harrah's is owned by Hamlet Holdings LLC, which is controlled by individuals affiliated with Apollo Management, L.P. and TPG Capital, L.P. The merger was completed pursuant to the Agreement and Plan of Merger dated as of December 19, 2006, among Hamlet Holdings LLC, Hamlet Merger Inc., and Harrah's Entertainment, Inc. Harrah's stockholders approved the merger and merger agreement at a special meeting held on April 5, 2007.

    As a result of the merger, Harrah's stock will cease to trade on the New York Stock Exchange, the Chicago Stock Exchange and the Philadelphia Stock Exchange at the close of the market today.

    Under the terms of the merger agreement, Harrah's stockholders are entitled to receive $90.00 in cash for each share of Harrah's common stock that they hold. Mellon Investor Services, LLC, the paying agent will mail letters of transmittal to all Harrah's stockholders of record with instructions on how to deliver their shares to the paying agent in exchange for payment of the merger consideration to be distributed shortly after closing. Stockholders of record should not surrender their stock certificates until they have completed the letter of transmittal. Stockholders who hold their shares in "street name" through a bank or broker should contact their bank or broker to determine what actions they must take to have their shares converted into cash, as such conversions will be handled by the bank or broker.

    About Harrah's Entertainment

    Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment. Since its beginning in Reno, Nevada 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(R), Caesars(R) and Horseshoe(R) 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.

    For more information, please visit: You must register/login in order to see the link..

    About Apollo

    Apollo was founded in 1990 and is among the most active and successful private investment firms in the United States in terms of both number of investment transactions completed and aggregate dollars invested. With current assets under management of $41 billion, Apollo and affiliates have managed the investment of more than $31 billion in equity capital, since inception, in a wide variety of industries, both domestically and internationally.

    About TPG

    TPG is a private investment partnership that was founded in 1992 and currently has more than $35 billion of assets under management. Headquartered in Fort Worth, with offices in San Francisco, London, Hong Kong, New York, Minneapolis, Melbourne, Menlo Park, Mumbai, Shanghai, Singapore and Tokyo, TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, joint ventures and restructurings. TPG seeks to invest in world-class franchises across a range of industries.
     
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