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Hold or Fold?

Biz BriefsHarrah’s Entertainment, the world’s largest casino operator and owner of four properties in Atlantic City, said last week it is reviewing the $15 billion takeover offer it got from private-equity firms Apollo Management and Texas Pacific Group. The firms offered $81 per share in cash, a 22% premium to Harrah’s previous-day close. After the news, Harrah’s shares climbed by more than 14% and were trading at around $75 late last week.

Harrah’s said it has established a special committee of independent directors to review the offer and has retained UBS Securities as an adviser, but has not committed to the deal. Harrah”s, which acquired Caesars Entertainment last year, operates about 40 casinos, including Atlantic City casinos Bally’s, Caesars, Harrah’s and Showboat.