Caesars Shareholders to Vote on $17.6 Billion Fertitta Bid

Tilman Fertitta will seek shareholder approval on September 22, 2026, for a $17.6 billion all-cash takeover of Caesars Entertainment Inc. The bid, priced at $31 per share, would take the casino operator private and requires the support of a majority of the company's 203.8 million outstanding shares.

The proposal follows a bidding war between Fertitta and activist investor Carl Icahn. Although Icahn offered a higher price of $34 per share in July, the Caesars board rejected that proposal, citing concerns over limited liquidity, high leverage, and risks regarding the execution of gaming regulatory licenses. The board has recommended that shareholders approve Fertitta's bid, which is being executed through Fertitta Gaming Holdco LLC.

Recreational Enterprises Inc. has already pledged to vote its 4.2 percent stake in favor of the acquisition. The vote will be held at the Eldorado Resort & Casino in Reno, Nevada. The transaction remains subject to federal antitrust review by the Federal Trade Commission and gaming approvals across multiple jurisdictions, with a target closing deadline of May 27, 2027.