Harrah’s up ante
for London Clubs

Oct 24, 2006 7:46 AM

Harrah’s on Friday raised its offer to acquire British casino operator London Clubs International to about $570 million from its previous offer of $530 million.

Harrah’s, which itself is the target of a $15.5 billion takeover offer from two private equity firms, had announced the London Clubs deal in August, with a closing date of late September, but earlier this week extended the offer to early November.

The company said it expects the London Clubs transaction to close in the fourth quarter of this year.

Harrah’s said that a committee of non-management board members would review the takeover offer from Apollo Management and Texas Pacific Group.

—Phil Hevener