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Harrah's Offers to Purchase London Clubs International
Thursday, August 31, 2006
LAS VEGAS -- A subsidiary of Harrah's Entertainment, Inc. (NYSE:HET) today announced the terms of a cash offer to acquire all of the outstanding ordinary shares of London Clubs International plc for
GBP 1.25 per share, or approximately $530 million in the aggregate. 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 2006.
GBP 1.25 per share, or approximately $530 million in the aggregate. 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 2006.
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 multi-national operational experience of LCI's management strengthens Harrah's existing team, allowing for continued international expansion."
In connection with the transaction, Banc of America Securities LLC is acting as sole financial advisor to Harrah's Entertainment.
Harrah's Entertainment
One Harrah's Court
Las Vegas, NV 89119
Las Vegas, NV 89119
Phone: (702) 407-6000
Toll Free Phone: 800-eHARRAH
Fax: (901) 762-8637
Website: www.harrahs.com
Toll Free Phone: 800-eHARRAH
Fax: (901) 762-8637
Website: www.harrahs.com
| Harrahs Entertainment owns or manages through various subsidiaries more than 40 casinos in three countries, primarily under the Harrah's, Caesars and Horseshoe brand names. |
London Clubs International
10 Brick Street
London W1J 7HQ
United Kingdom
London W1J 7HQ
United Kingdom
Phone: +44 (0) 20 7518 0158
Fax: +44 (0) 20 7318 6611
Website: www.lciclubs.com
Fax: +44 (0) 20 7318 6611
Website: www.lciclubs.com
| London Clubs International is a market leader in London and with four of the 24 licences currently in the city, LCI offers casinos for all tastes and every level of play: Fifty, The Rendezvous Casino, The Sportsman Casino and The Golden Nugget Casino. |