There were no surprises on last week’s private equity mega bid. When Apollo Management and Texas Pacific announced a $15bn (£7.97bn) bid for the US’s largest casino operator Harrah’s, all eyes were on their longstanding counsel. It was a safe bet. Cleary Gottlieb Steen & Hamilton confirmed that it is acting for Texas Pacific, while Apollo instructed its panel firm Wachtell Lipton Rosen & Katz, with partner Steven Cohen leading. Harrah’s instructed Latham & Watkins. Kaye Scholer is also advising the company’s special committee. In a statement, Harrah’s said that it had not made up its mind as to whether or not a takeover would be in the company’s or the shareholders’ best interests.
Those interests now extend to the UK, as Harrah’s has agreed to takeover London Clubs International for £279m, instructing Linklaters.
