Caesars Reportedly Nears Merger Deal With Eldorado Resorts

(RTTNews) - Caesars Entertainment Corp. (CZR) is nearing an agreement to merge with rival casino operator Eldorado Resorts Inc. (ERI), according to reports citing people familiar with the matter.

Caesars and Eldorado have been finalizing a cash-and-stock deal that could be announced later this month. Exact financial terms couldn't be learned, the Wall Street Journal reported.

Meanwhile, the New York Post reported that Caesars Entertainment has rejected a takeover offer from Eldorado Resorts as too low — although continued negotiations could soon lead to a higher offer.

Both Caesars and Carl Icahn, who has a 28.5% stake in Caesars with swaps, agreed to reject the Eldorado bid, the report said. The offer was worth about $10.50 per share, a premium of 15% for Caesars shares, which closed up 1.2% on Thursday at $9.13 per share.