Carl Icahn to team up with Tilman Fertitta to acquire Caesars

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Billionaire investor Carl Icahn could team up with another billionaire and owner of the Houston Rockets and Golden Nugget Casino, Tilman Fertitta to make an acquiring bid for Caesars Entertainment. Icahn is presently the company’s controlling shareholder.

Caesars had rejected the merger offer from Fertitta. The Icahn-Fertitta combination could turn out to be an irresistible one for Caesars.

Icahn now owns 28.5% shares in the company. That means the new partnership needs to buy only 71.5% of shares to acquire the firm. Caesars’ shares currently trade at $8.37 a share, giving the company a valuation of $5.6 billion.

Fertitta, who runs five Golden Nugget casinos including Las Vegas and Biloxi, Miss., is worth $4.8 billion, according to Forbes.