Penn National may lead offer for Harrah's

29 November 2006

PHILADELPHIA, Pennsylvania – As reported by Reuters: "A group led by Penn National Gaming Inc. (NASDAQ:PENN) and hedge fund D.E. Shaw is considering making a cash and stock offer for casino company Harrah's Entertainment Inc. (NYSE:HET), a source familiar with the situation said on Tuesday.

"Lehman Brothers (NYSE:LEH) and Wachovia Corp. (NYSE:WB) would provide financing and have some equity in the company if a deal went ahead, the source said.

"…Talk of a new offer for Harrah's comes almost two months after private equity firms Apollo Management and Texas Pacific Group offered to buy the casino operator for about $15 billion. The two firms have since raised their offer to about $15.5 billion…"

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