Harrah's Offers to Purchase London ClubsBoard of Directors Recommend Shareholders Accept Offer |
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Harrah's Entertainment, Inc. today announced the terms of a cash offer to acquire all of the outstanding ordinary shares of London Clubs International for £1.25 per share, or approximately $530 million. The board of directors of London Clubs International has unanimously recommended that its shareholders accept the offer. If the offer is successful, Harrah's expects the transaction to close in the fourth quarter of this year.
London Clubs International currently operates six casinos in the United Kingdom and has an additional five under development. London Clubs also operates two casinos in Egypt, one in South Africa, and has a consulting relationship with a casino in Lebanon.
"London Clubs has a strong collection of properties that are well positioned in the United Kingdom's evolving regulatory framework. Under Harrah's ownership, these international properties will even be stronger in the future," said Gary Loveman, chairman, chief executive officer, and president of Harrah's. "The multinational operational experience of LCI's management strengthens Harrah's existing team, allowing for continued international expansion."
In connection with the transaction, Banc of America is acting as sole financial advisor to Harrah's Entertainment.
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