Shares of Caesars Entertainment fell in early trading Wednesday, giving back gains from the prior session as Wall Street digested a potential 11th-hour bid from billionaire activist investor Carl Icahn that could upend Tilman Fertitta’s agreed-upon $17.6 billion acquisition of the Las Vegas-based casino giant.
Caesars Entertainment (CZR) rose 1.1% Tuesday after Bloomberg News reported that Jefferies Financial is exploring investor interest in approximately $5 billion in debt to support a competing offer from Icahn. The stock closed Tuesday at $30.35 but retreated Wednesday morning, falling 43 cents to $29.92 as of noon EDT.
Icahn’s bid stands at $33 per share, surpassing the $31-per-share deal Caesars accepted from Fertitta in May.
