Sign up for our daily briefing
Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.
Sign up for Axios Pro Rata
Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Want a daily digest of the top Austin news?
Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.
Want a daily digest of the top Atlanta news?
Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.
Want a daily digest of the top Philadelphia news?
Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.
Want a daily digest of the top Chicago news?
Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Want a daily digest of the top DC news?
Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.
Illustration: Sarah Grillo/Axios
Carl Icahn gambled again. And won again, given Monday's news that Eldorado Resorts agreed to buy Caesar's Entertainment for $17.3 billion (including assumed debt), or $12.75 per share in cash and stock.
Why it matters: It creates the largest owner and operator of U.S. casinos, with the combined company to retain the Caesar's brand.
- The price is a 29% premium over where shares closed Friday, and nearly an 88% increase from where they entered 2019.
Details: Icahn first disclosed a 9.8% stake in Caesar's in mid-February, and began pushing the company to sell. Caesar's quickly folded, giving Icahn three board seats and a say in picking its next CEO.
- By the end of March, Icahn was the company's largest outside shareholder with a 15.84% stake (per S&P IQ).
- He reportedly worked to block an $11 per share takeover offer from Eldorado which, if true, netted Icahn an additional $174 million.
- Caesar's shares opened trading in 2019 below $7 per share, and closed Friday at $9.99 per share.
The big picture: Today's deal is the second time in less than a year that Icahn has cashed in chips at the Eldorado window, having previously sold it Tropicana Entertainment for $1.85 billion.
The state of play: Icahn also took the rare step of publicly praising the Caesar's board for "acting responsibly and decisively in negotiating and approving this transformational transaction."
- But, true to form, he also used the moment to slam Occidental Petroleum for its proposed Anadarko acquisition, over which Icahn is suing Occidental.
"There are far too many boards that unlike Caesars, believe corporations are more like feudal systems, than democracies; that stockholders are the peasants who represent a necessary evil that must be tolerated, possibly patronized, but certainly ignored."
Go deeper: The war between Carl Icahn and Cigna