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London Clubs, rumour or real?
Is it true that Harrah's Entertainment, bough majority of the shares of London Clubs International?
A friend told me today that Harrah's has about 83% of London Clubs' shares, but planning to control 100 percent of the company before 2006 ends.
yep
Originally Posted by wuddle
Its been quite an interesting saga. Originally the rumours were a harrahs takeover of stanley and a Gentings takeover of LCI. The situations were reversed though. I think Gentings (the new stanleys owner) still holds a substantial stake in LCI though which could make for some interesting months ahead.
Betting systems constitute one of the oldest delusions of gambling history. Betting systems votaries are spiritually akin to the proponents of perpetual motion machines, butting their heads against the second law of thermodynamics.
--The Theory of Gambling and Statistical Logic by Richard A.Epstein--
Harrah's Entertainment have said that it has now bought or received approximately 83 per cent of the shares in LCI. It is now working on acquiring the remaining stake which it hopes to achieve by the end of the year.
Final terms of the acquisitions were not disclosed, while Harrah's share price dropped.
Intersting saga for those that wish to read up on it.
Sep 26th - Harrahs announce only 1.1% takeup of offer by deadline which is extended
http://today.reuters.com/news/articl...c=66&type=qcna
2nd october - Harrahs are made a $25 billion offer by a consortium of private equity firms, price rockets to $76.
In five trading days over 22 million shares were traded in LCI and, according to share holdings notifications issued by LCI, two financial institutions, namely UBS-AG and Credit Suisse, have been buying and selling substantial amounts of LCI shares. They hold 11% of the company and Gentings (new stanley owners) still hold 30%......
Late October- Harrah's raises LCI bid by $40 million
Harrah's Entertainment has raised its offer to buy British casino operator London Clubs International to $570 million and expects the deal to be finalised by the end of the year. The news comes after the Las Vegas-based Harrah's said that it had agreed to purchase a 29.6 per cent stake in LCI for 135 pence per share from a subsidiary of Genting International.
Nov 10th - Harrahs finally announce they have control:
http://business.timesonline.co.uk/ar...415208,00.html
Betting systems constitute one of the oldest delusions of gambling history. Betting systems votaries are spiritually akin to the proponents of perpetual motion machines, butting their heads against the second law of thermodynamics.
--The Theory of Gambling and Statistical Logic by Richard A.Epstein--
Oh my, Harrah's is taking over all the gambling everywhere, so which will be the next club in line?
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