Friday, March 11, 2005 | 11:10 a.m.
Caesars Entertainment Inc. and Harrah's Entertainment Inc. shareholders voted separately this morning, by an overwhelming margin, to approve Harrah's pending acquisition of Caesars.
More than 99 percent of voting Caesars shareholders approved the $9.4 billion deal, which is scheduled to be complete by the end of June, Caesars spokesman Robert Stewart said. About 75 percent of the company's 313 million shares outstanding, or about 235 million shares, were voted at today's meeting, which lasted about 10 minutes, he said.
Separately, about 98 percent of voting Harrah's shareholders approved the transaction, Harrah's spokesman Gary Thompson said. About 76 percent of Harrah's 115 million shares were voted at today's meeting. About one percent of shareholders abstained or turned down the deal.
Harrah's stockholders also approved an increase in the number of authorized shares of Harrah's common stock to 720 million from 360 million.
The company previously said it expects to issue about 68 million shares of common stock to purchase Caesars.
The deal still has to pass muster with the Federal Trade Commission and with regulators in states where the the companies own casinos.
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