Caesars, Icahn Enterprises enter cooperation pact following board appointments

Caesars (CZR) announced the addition of two new independent directors to its board of directors. Jesse Lynn, general counsel of Icahn Enterprises (IEP), and Ted Papapostolou, CFO of Icahn Enterprises, will join the Caesars board effective immediately, subject to customary regulatory approvals. Carl Icahn said, “I have great respect for Tom Reeg and the senior management team and what they have accomplished since the merger in 2020. We look forward to working with Tom and the Board to maximize value for all shareholders, including by exploring strategic alternatives for the Company’s underappreciated digital business.” With the additions of Lynn and Papapostolou, the Caesars board will expand to 12 directors, 10 of whom are independent. Icahn Enterprises and certain of its affiliates have agreed to customary standstill, voting commitments, and other provisions.