Fertitta's $7 Billion Caesars Bid Is a $34 Per Share Bet on $11 Billion in Someone Else's Debt
Tilman Fertitta's reported $34 per share offer for Caesars values the equity at roughly $7 billion, but the enterprise he's actually buying carries north of $30 billion in obligations. The cap rate math on this deal tells a very different story than the headline.