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Story summary
- Tilman Fertitta's Fertitta Entertainment is negotiating to acquire Caesars Entertainment for about $6.5 billion, valuing shares at $32, with closing not expected until 2027.
- Fertitta's bid surpasses a competing offer from Carl Icahn, who proposed $33 per share.
- Caesars shares rose nearly 12% after news of the negotiations.
- Caesars carries significant debt that complicates any potential sale.
