Icahn expands his stake in Caesars Ent

Icahn expands his stake in Caesars Ent

The billionaire has once again increased his stake in the company. Credits: Bloomberg

The billionaire has once again increased his stake in the company and now owns 17.75%.

US.- Caesars Entertainment revealed in a Securities and Exchange Commission filing Monday that Carl Icahn has increased his previous 12.53% stake in the company stock to 17.75% and is now its largest shareholder.

The casino company had announced on Friday that Icahn had increased his previous 10% to 15.53%, but it once again updated the number just three days later. High River Limited Partnership, controlled by the billionaire, along with Icahn Partners LP and Icahn Partners Master Fund LP acquired 15 million shares at US$8.45 a share over the weekend and spent US$126.7 million.

Icahn will also have a major influence on the next CEO’s appointment, which may lead to a merger in the near future. The 12-member board will see three executives step down (John Boushy, Matthew Ferko and Christopher Williams) to give way to Icahn Enterprises CEO Keith Cozza, Icahn Enterprises board member James Nelson and Icahn Capital fund manager Courtney Mather.

While Cozza and Mather will mainly serve on the strategy and finance committee. They will also be on the CEO search committee, giving the billionaire major leverage on who Mark Frissora’s replacement is going to be after he leaves by the end of April. Should the committee fail to appoint a successor before April 15, Icahn will receive a fourth seat under the agreement.

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