The stockholders of Caesars Acquisition Company and Caesars Entertainment Corporation decided to give a green light to the proposed merger of the two companies after successfully negotiating the terms and conditions of the Merger Agreement.
The Merger proposal finally received the approval of the shareholders of both Caesars Entertainment Corporation and Caesars Acquisition Company, so that the restructuring of the subsidiary of Caesars Entertainment, and namely Caesars Entertainment Operating Company can start. The shareholders also placed on the table of discussion other issues, related to the recovery of the Caesars Entertainment Operating Company, Inc. (“CEOC” ) after the company declared bankrupt, eyeing its future.
Mark Frissora, President and Chief Executive Officer of Caesars Entertainment explained that this will open new perspectives for development in front of the company. He expressed his gratitude to the stockholders, who supported the Merger Agreement.
The story of the proposed Merger started some time ago, and more precisely at the end of 2014, when Caesars Entertainment announced its intention to acquire Caesars Acquisition Company. The two companies entered an all-stock transaction partnership, which was supposed to create one of the biggest entertainment companies and to restore Caesars Entertainment Operating Company after the bankruptcy.
Upon eventual completion of the transaction, the merged companies were supposed to hold constantly growing assets and operate a massive network of gaming venues and resorts. The only setback in front of the stockholders was to agree on the terms of the agreement.
After many hardships and negotiations, today it was announced that the Merger Agreement received the approval of the shareholders and now it is waiting on the line for regulatory approval. The Merger is dependent on customary closing conditions and in case the companies fail to meet them, the agreement can be terminated. This means that both the target and acquirer needs firstly to meet certain conditions in order to comply with the legal procedure.
Caesars Entertainment Corporation is an American-based gaming company, which operates more than 50 entertainment venues. It is reported to be one of the biggest gaming corporation in the world and it is owned by a number of private companies.
The merger of Caesars Entertainment and Caesars Acquisition is expected to be finalized by the end of the year. In the meanwhile, both companies need to make sure that they will meet certain legal requirements. In case the Merger Agreement is successfully finalized, the two companies will focus on establishing a financially stable corporation, which produces a positive cash flow.
