Sunday, December 17, 2006
Viva Las Vegas! HET - Harrah's
WSJ.com is reporting that Texas Pacific and Apollo Management are rolling the dice big time with an offer of "at least" $90 a share for Harrah's Entertainment (HET). HET, the subject of intense takeover speculation for weeks, nudged 40-cents higher on Friday to $79.50, or quite a few dollars below the now likely offer. Penn National Gaming had slid 2% Friday on speculation it would step up to the plate with a competing offer; so PENN could rebound Monday on relief that it's out of the running to make a large offer for HET. Read the complete Journal report here ($$ subscription required). Word of yet another mega deal, even if it was expected, will be another feather in the cap of the bulls to further drive the year end stock market rally.