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Martin T Sosnoff

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BUSINESS
June 15, 1987
The special stockholders' meeting was postponed from Friday because, as previously reported, a federal judge in Los Angeles ruled that the Los Angeles-based casino operator must send out revised proxy material. The meeting was called to vote on management's proposed $1-billion recapitalization plan and anti-takeover measures. The judge also blocked Martin T. Sosnoff's tender offer, saying the financing would have to be changed.
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BUSINESS
September 11, 1987 | AL DELUGACH, Times Staff Writer
New York money manager Martin T. Sosnoff declared Thursday that he will not tender his 12% stake in Caesars World in response to the company's offer to buy back 31% of its stock from the public. Caesars made the offer Monday, and Sosnoff had not commented on it before. According to public records, Sosnoff has the largest individual holding in the Los Angeles firm, which operates casinos in Nevada and New Jersey.
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BUSINESS
March 17, 1987
The Los Angeles-based operator of casinos in Nevada and New Jersey alleges that the New York money manager violated federal securities laws and federal margin regulations in his unsolicited $28-per-share tender offer for the company's stock. The suit, filed in U.S. District Court here, alleges that Martin T. Sosnoff, who already has a 13.4% stake, made false and misleading statements in his offering. The complaint also alleges that Sosnoff's offer is designed to boost the value of his shares.
BUSINESS
August 14, 1987 | From Associated Press
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.
BUSINESS
April 29, 1987
In a letter to shareholders, the Los Angeles-based casino firm urged defeat of Martin T. Sosnoff's campaign to oust four top officers from the board of directors. Sosnoff, who launched a mail proxy campaign last week, is seeking to increase his stock holding to 92.4% from 13.9%. The company urged shareholders to compare Sosnoff's $32-per-share offer to the firm's proposed recapitalization plan.
BUSINESS
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.
BUSINESS
August 13, 1987 | Associated Press
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.
BUSINESS
May 28, 1987 | AL DELUGACH, Times Staff Writer
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.
BUSINESS
April 7, 1987 | AL DELUGACH, Times Staff Writer
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.
BUSINESS
August 14, 1987 | From Associated Press
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.
BUSINESS
August 13, 1987 | Associated Press
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.
BUSINESS
July 17, 1987
The Nevada Gaming Commission will resume discussion July 30 in Las Vegas on a nearly $1-billion plan by Caesars World that surfaced after a hostile bid by investor Martin Sosnoff. Commission Chairman John O'Reilly said commissioners are viewing the recapitalization plan "with extreme concern." Gaming authorities questioned whether Caesars could afford a nearly $1-billion debt that will result from the plan and maintain the quality of its Nevada hotel-casinos.
BUSINESS
July 3, 1987
The Gaming Control Board voted 2 to 1 in favor of a recapitalization plan by Caesars World Inc. that surfaced after a hostile bid by investor Martin Sosnoff. All three board members voiced concerns over whether Caesars could afford a debt of nearly $1 billion under the plan and still maintain the quality of its Nevada hotel-casinos. Under the plan, shareholders will receive a dividend-stock package valued at $35 per share.
BUSINESS
June 16, 1987 | AL DELUGACH, Times Staff Writer
New York money manager Martin T. Sosnoff threw in the towel Monday, dropping his 3-month-old, billion-dollar tender offer to take over Caesars World, the Los Angeles-based casino owner. The cost of raising the ante, he said, has become too high. The company's largest shareholder did not fade away quietly. For one thing, he called upon the company's management to modify its pending proposals to insulate itself from a future change in control.
BUSINESS
June 15, 1987
The special stockholders' meeting was postponed from Friday because, as previously reported, a federal judge in Los Angeles ruled that the Los Angeles-based casino operator must send out revised proxy material. The meeting was called to vote on management's proposed $1-billion recapitalization plan and anti-takeover measures. The judge also blocked Martin T. Sosnoff's tender offer, saying the financing would have to be changed.
BUSINESS
April 14, 1987 | From Associated Press
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.
BUSINESS
June 5, 1987 | AL DELUGACH, Times Staff Writer
Martin T. Sosnoff launched a mail campaign Thursday to block a June 12 stockholder vote on Caesars World's $971-million recapitalization plan, as well as on anti-takeover measures that he contends could be used to defeat his tender offer. He has bid $35 a share for the Los Angeles-based casino operator. In a proxy solicitation to all Caesars shareholders, the New York money manager asked for a majority vote at the outset of the June 12 meeting for postponing those matters to June 24.
BUSINESS
June 9, 1987 | AL DELUGACH, Times Staff Writer
A federal judge in Los Angeles issued an order Monday halting Martin T. Sosnoff's $971-million takeover bid against Caesars World, at least until major revisions are made in his financing plan. The order was issued after lawyers for Sosnoff and Caesars had argued extensively in court late last week. The New York money manager was reported to be huddling with his lawyers late Monday, presumably to plan their next step.
BUSINESS
June 5, 1987 | AL DELUGACH, Times Staff Writer
Martin T. Sosnoff launched a mail campaign Thursday to block a June 12 stockholder vote on Caesars World's $971-million recapitalization plan, as well as on anti-takeover measures that he contends could be used to defeat his tender offer. He has bid $35 a share for the Los Angeles-based casino operator. In a proxy solicitation to all Caesars shareholders, the New York money manager asked for a majority vote at the outset of the June 12 meeting for postponing those matters to June 24.
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