RPT-LIVE MARKETS-Caesars director Mather departs, adding to chatter
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CAESARS DIRECTOR MATHER DEPARTS, ADDING TO CHATTER
Caesars Entertainment CZR.O said on Wednesday that director Courtney Mather left the board this week but didn’t elaborate except to say his “resignation is not the result of any disagreement with the company.”
Caesars agreed in May to be sold to Houston Rockets owner Tilman Fertitta for around $6 billion, or $31 a share, in a deal that included a go-shop provision that enables the firm to “solicit, consider and negotiate alternative acquisition proposals from third parties” through Saturday.
There has been speculation that activist investor Carl Icahn might be preparing a topping bid and Mather, a former Icahn lieutenant, leaving three days before the go-shop period ends raises suspicions. Mather did not return a phone call requesting comment.
Mather, who runs the Vision One fund, joined the Caesars board in 2019 when Icahn settled with Caesars in return for three board seats. Mather worked for Icahn until 2020 and was instrumental in pushing for turnaround strategies at target companies and serving as Icahn's representative on various corporate boards.
Ever since Fertitta agreed to buy Caesars, speculation has mounted in the market that someone else might be working on a topping bid.
Caesars shares were down 1.6% on Wednesday at $29.87, on a day when all three of the major U.S. stock indexes were lower.
(Svea Herbst-Bayliss)
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