RENO, Nev. (FOX5) — Stockholders of Caesars Entertainment, Inc. voted to approve a merger agreement with Fertitta Gaming Holdco, LLC during a meeting Tuesday, according to a filing with the U.S. Securities and Exchange Commission.
The vote took place at a special meeting at the Eldorado Resort & Casino in Reno.
MORE ON FOX5: Caesars Entertainment, a Las Vegas Strip icon, is sold for $5.7 billion to Fertitta
Tilman Fertitta’s plan to buy Caesars was announced back in May, and valued at $17.6 billion. Fertitta would also plan to inherit nearly $12 billion in debt from Caesars.
Merger terms
Under the approved merger agreement, Empire Merger Sub, Inc., a subsidiary of Fertitta Gaming, will merge with and into Caesars, with Caesars surviving as a wholly owned subsidiary of Fertitta Gaming Holdco, LLC, the filing states.
Stockholders voted to approve the merger proposal, with 133,313,001 votes in favor, 4,276,986 votes against and 5,687,952 abstentions, the filing states. The votes in favor represented approximately 65.4% of Caesars’ outstanding shares.
If the merger is completed, each eligible share of Caesars common stock will be converted into the right to receive $31 in cash, according to the filing. The merger has until June 26, 2027 to close, or shareholders will receive an additional $0.007150 per share for each day.
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