The Las Vegas based casino gaming company Harrahs Entertainment offers to purchase the UK gaming company London Clubs International for 1.25 pounds per share or 530 million dollars. London Clubs International board of directors recommended accepting Harrahs terms. If approved, the transaction is predicted to be closed by the last quarter of 2006.
One of Harrahs Entertainment subsidiaries announced Thursday the terms to purchase the shares of London Club International plc. According to Harrahs offering, the ordinary shares of London Clubs International will be purchased for 530 million dollars or 1.25 UK sterling pounds per share.
London Clubs International owns and operates six casinos in the UK, two casinos in Egypt and a casino in South Africa. London Clubs currently develops five projects in the UK. The UK gaming firm also has a consulting relationship with a casino in Lebanon.
Gary Loveman the chairman, chief executive officer and president of Harrahs Entertainment said that London Clubs properties in UK will become stronger under Harrahs possession. He added that the purchase of London Club international properties would benefit Harrahs plans to expand worldwide.
