Casino giant gets takeover offer

Harrah's is the world's largest casino company

Harrah's Entertainment, the world's biggest casino operator, has received a $15bn (£8bn) takeover offer from two private equity firms.

The $81 per share cash bid comes from Apollo Management and Texas Pacific Group, and represents a 22% premium on Harrah's Friday closing price.

Las Vegas-based Harrah's said it had formed a special committee of directors to review the proposal.

The offer comes after Harrah's has been on a takeover spree of its own.

'Undetermined'

Harrah's is currently in the process of buying rival Las Vegas casino Barbary Coast Hotel and Casino from Boyd Gaming.

This move comes after Harrah announced in August that it was buying UK casino operator London Clubs International.

And last year, Harrah bought fellow US casino firm Caesar Entertainment.

Harrah's has yet to give any indication that it welcomes the private equity approach.

"The special committee has not determined that a transaction is in the best interests of Harrah's and its stockholders," it said in a statement.

Harrah's casino brands includes its own name, Caesar's, Bally's, Flamingo and Horseshoe

Shares in the firm soared 14%, closing at $75.6 on the New York Stock Exchange.