Overview
- Icahn Enterprises submitted an all-cash offer near $33 per share that has not been formally rejected, according to the Wall Street Journal.
- Caesars shares jumped roughly 12% after the reports, finishing around $29.07 on Wednesday before easing to $28.41 at Thursday’s close.
- Morgan Stanley raised its price target on CZR to $32 and kept an Equalweight rating, citing an updated valuation framework and a potential floor from takeover interest.
- Caesars’ appeal includes more than 50 U.S. resorts and a growing digital segment that management and analysts say could influence deal structuring.
- People familiar with the matter said proposals could be arranged without requiring consent from major landlord Vici Properties, adding flexibility to potential outcomes.