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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

Go deeper

Updated 54 mins ago - Economy & Business

Hybrid work now dominates the knowledge economy

llustration: Eniola Odetunde/Axios

For the first time since the start of the pandemic, most knowledge workers are in hybrid work arrangements, partly remote and partly in-office, a new survey finds.

By the numbers: 58% said they now work this way, in a survey of around 10,000 knowledge workers from the U.S., Europe, Australia and Japan, conducted last November by Future Forum, a research group backed by Slack.

Rents hit all-time high

Data: Zumper; Chart: Axios Visuals

The national median price of a one-bedroom rental apartment in January was up 12% year-over-year, to $1,374 — an all-time high, per Zumper, an online apartment rental site.

Why it matters: Inflation is taking a bigger bite out of people's paychecks these days not only in food and gasoline, but also in housing costs.

A pandemic victim: Ethical supply chains

Illustration: Aïda Amer/Axios

Over the last decade, global companies have put in place elaborate policies to ensure their suppliers protect worker safety and human rights. They're struggling to comply with those policies in the pandemic.

Driving the news: COVID-era disruptions have caused a spike in noncompliance with health and safety rules, according to new data from Qima, which audits supply chains.