Caesars entities’ stockholders approve merger deal at special meetings

By Caroline Salls

Pittsburgh, July 26 – Caesars Entertainment Corp. and Caesars Acquisition Co. announced Wednesday that stockholders of both companies voted to approve the merger of the companies.

According to a news release, the merger received the affirmative vote of 87.8% of Caesars Entertainment’s outstanding shares of common stock as of the June 19 record date for the special meeting held Wednesday and the affirmative vote of 95.2% of Caesars Acquisition’s outstanding shares of common stock as of the June 19 record date for its special meeting.

Caesars Entertainment’s stockholders also approved a number of other matters related to the restructuring of Caesars Entertainment Operating Co., Inc. (CEOC) and its emergence from bankruptcy, the release said.

“Receipt of these stockholder approvals is an important milestone to complete the merger of Caesars Entertainment and Caesars Acquisition and conclude the restructuring of Caesars Entertainment Operating,” Caesars Entertainment president and chief executive officer Mark Frissora said in the release.

“The successful conclusion of the restructuring will create new opportunities for incremental investments in growth.”

Caesars Entertainment and CEOC continue to talk with regulators in the jurisdictions where approvals are required for aspects of CEOC’s restructuring.

The companies said the merger is subject to customary closing conditions, including the completion of CEOC’s restructuring.

Caesars Entertainment said it expects the merger and CEOC’s restructuring to be completed in the first week of October.

Caesars is a Las Vegas-based casino-entertainment company that filed for bankruptcy on Jan. 15, 2015 in the U.S. Bankruptcy Court for the Northern District of Illinois. The Chapter 11 case number is 15-01145.

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