Tilman Fertitta in Talks to Buy Caesars for $7 Billion: WSJ (1)

Billionaire Tilman Fertitta has held exclusive talks to buy Caesars Entertainment Inc. for about $7 billion after topping a competing bid from Carl Icahn, the Wall Street Journal reported, citing people familiar with the matter.

Fertitta’s company has been talking about paying about $34 a share for Caesars, a casino and hotel operator, the newspaper reported. That’s about 31% over the Tuesday closing price of Caesars shares.

Shares of Caesars rose 12% to close at $29.07 Wednesday in New York.

An announcement isn’t imminent and it’s possible the talks won’t lead to a deal, the newspaper said.

Caesars had ...