Harrah’s Cancels Public Offering
The public offering withdrawn by Harrah’s last week failed because of under pricing of value by potential investors
Bloomberg.com has reported that Harrah’s private equity firms, Apollo Global Management and TPG Capital, had been told by their IPO advisers that potential investors valued Harrah’s at $10 a share, or some $3.37 billion, while Apollo and TPG valued it between $3.8 billion and $4.36 billion.
Given those numbers, Harrah’s cancelled its IPO, becoming the 121st company this year that planned to raise $46 billion but withdrew the offers.
(Harness Tracks of America)