LCI Takeover Not to be Affected by Proposed Bid for Harrah's

London Clubs International (LCI) yesterday said it believed its proposed takeover by Las Vegas gaming giant Harrah's would not be affected by last night's private equity bid for the American bidder. The LCI board recently agreed to a £279.3m takeover by Harrah's Entertainment, the biggest casino operator in the world with Caesars Palace in Las Vegas among its venues.

LCI said that last night's $15bn (£8bn) bid for Harrah's by Apollo Management and Texas Pacific Group did not change the logic behind its own deal with the American firm. The deal, which shareholders must approve by October 17 if it is to be completed, was cleared by the Office of Fair Trading.
A spokesman for LCI said the 125p a share cash offer from Harrah's 'still stands'. He added: 'The entry of private equity firms does not change the logic of LCI becoming the European platform for Harrah's. The logic still remains as strong as ever.'

Harrah's owns or manages 37 casinos, and executives have been looking to establish a presence in the UK for some time.