NEW YORK, Nov. 4, 2016 /PRNewswire/ -- Bernstein Liebhard LLP is investigating whether the Board of Directors of Caesars Acquisition Company ("Caesars Acquisition" or the "Company") (NASDAQ: CACQ) breached their fiduciary duties to the Company.
Caesars Acquisition and Caesars Entertainment Corporation ("Caesars Entertainment") entered into a merger agreement (the "Merger Agreement") in December 2014. Under the Merger Agreement, each outstanding share of Caesars Acquisition class A common stock would be exchanged for 0.664 shares of Caesars Entertainment common stock. Under the Merger Agreement, Caesars Acquisition class A common stockholders would own approximately 38% of the outstanding common stock of the merged entity.
On July 11, 2016, Caesars Acquisition announced that the Merger Agreement had been amended. The amended agreement offers Caesars Entertainment stock at an as of yet undetermined exchange ratio that would provide Caesars Acquisition class A common stockholders only 27% of the outstanding common stock of the merged entity. Thus, the amended agreement offers Caesars Acquisition class A common stockholders substantially (approximately 30%) less consideration than that provided by the initial Merger Agreement.
If you are interested in discussing your rights as a Caesars Acquisition class A common stockholder, and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to the National Law Journal's "Plaintiffs' Hot List" thirteen times.
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SOURCE Bernstein Liebhard LLP