US billionaire Carl Icahn has increased his stakes in Caesars by 50 per cent. He acquired shares from Apollo Global Management LLC and TPG Capital, the two private equity firms that controlled Caesars Entertainment Corp. for a decade.
Apollo and TPG filed in the stock market that they sold about 36.7 million shares to a third party. Icahn also reported that he has increased his stakes by 50 per cent to become the single largest shareholder of Caesers. At present, he has 15.5 per cent statkes.
Icahn, an investor known for bargain hunting and corporate activism, began actively acquiring shares earlier this year. On March 1, Caesars negotiated an agreement with Icahn that gave him three seats on the board.