May 6, 1987
New York money manager Martin T. Sosnoff told shareholders of Caesars World in a letter that he will not drop his $32-per-share bid for control, noting that he already has spent millions of dollars to finance an acquisition. Continuing his mail campaign to oust four top officers from the board of the casino owner, Sosnoff told stockholders that the company has not disclosed what their stock would be worth if they approve its plan to take on $1 billion of new debt and pay a $25 cash dividend.
August 13, 1987 |
New Jersey gaming regulators Wednesday rejected a proposed $1.1-billion recapitalization plan that Caesars World Inc. used to fend off unwanted suitor Martin T. Sosnoff. The action by the New Jersey Gaming Control Commission was a serious setback for Caesars' efforts to remain independent. Without the lucrative recapitalization plan, it was expected that Caesars' stock would plunge Thursday and that the company could again become a takeover target.
May 28, 1987 |
Martin T. Sosnoff has lost his effort to oust four top management figures from the board of Caesars World, but there was no sign Wednesday that he will call off his unsolicited tender offer for its stock. The next business on the agenda for the Los Angeles-based casino operator is a special stockholders meeting here June 12 to vote on its own $960-million recapitalization proposal. In effect, shareholders will choose at that time between the company's plan and Sosnoff's offer.
April 7, 1987 |
New York money manager Martin T. Sosnoff disclosed Monday that he is prepared to make a "meaningful" increase in his $28-a-share bid for Caesars World if a friendly deal can be negotiated. Sosnoff's new position was made last Friday in letter to Chairman Henry Gluck of Caesars World, but the management of the Los Angeles-based casino firm went public Sunday with a counter-plan to borrow $1 billion and pay a $25-per-share special cash dividend to shareholders.
August 14, 1987 |
The value of Caesars World Inc. stock plunged 15% Thursday after the company's recapitalization plan was rejected by New Jersey gaming officials on grounds that it would burden the company with excessive debt. New Jersey regulators announced their decision after the market closed Wednesday, and trading in Caesars' stock was suspended for most of Thursday. When trading resumed in the afternoon, the stock dropped $5.25 to $29.875 a share as about 1 million shares changed hands.
April 14, 1987 |
New York investor Martin T. Sosnoff on Monday sweetened his unsolicited takeover bid for Caesars World Inc. by 14% to $32 a share, or $931.2 million. At the same time, Sosnoff said in a letter to Caesars Chairman Henry Gluck that shareholders "will be best served by our entering immediately into good-faith, friendly negotiations." Gluck had declined earlier negotiation offers, most recently last Wednesday, Sosnoff said. Caesars' stock closed up 25 cents to $32.375 on the New York Stock Exchange.