Carl Icahn, an American business mogul and investor has been afforded three seats at Caesars Entertainment. The billionaire acquired nearly 10 per cent stake in the casino operator. The appointments were confirmed in a press release issued by Caesars naming Icahn Enterprises CEO Keith Cozza, Icahn Capital Portfolio Manager Courtney Mather, and Icahn Enterprises board member James Nelson. Read on for more.
ABOUT THE APPOINTMENTS
The appointments will be in replacement of three board members who were not identified during the announcement. Icahn acquired a 9.78 per cent stake in the distressed casino group and requested representation on the governing committee.
James Hunt, the chairman of Caesars said; “Our new colleagues bring diverse and relevant experience, and we look forward to them joining our board in our on-going efforts to further enhance value for all shareholders.
Since the completion of Caesars’ restructuring, we have been undergoing a strategic process to create value, and we will continue that process working with our new directors.”
Caesars shares soared 4%up to $8.97 since the appointments on Friday. This comes after the company was down for a full week losing 9.2%.
ICAHN ON CAESARS
Regarding Caesars’ financial state, Icahn expressed that the company should consider being acquired via a reverse takeover. He says: “I believe the best path forward for Caesars requires a thorough strategic process to sell or merge the company to further develop its already strong regional presence,” said Icahn.
The investor said in doing so, Caesars would effectively grow its loyalty network and its operations in Nevada, Las Vegas.
“I expect this to make Caesars the most powerful competitor in Vegas, the gaming capital of the world. Caesars would be a great opportunity for certain investors who have already expressed interest, and I’m glad the Board will explore these opportunities,” Icahn added.
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