The board can't take Gold Valley offer serious unless its binding. The biggest risk here for CZR is if this forces FEX to pull out, then Gold Valley can't provide an offer. If that was to happen I think CZR share price would be sub 20 with funding requirements.
Therefore I believe its very hard for them to not currently recommend FEX offer unless a binding offer is on the table to be considered. I haven't accepted the offer yet, it all depends on MC and will most likely accept when he does, if he does.
I wouldn't be surprised to see the offer premium extended. Maybe this being released was to try and delay the process to give GV more time to actually come to the table with something. Time is also good for Fenix, I would much prefer them to reduce the shares being offered and pay cash while CZR kept its other assets other than the Port and RM.
Mixed feelings on the whole thing, either way its much better than no process with FIRB. Speaking of, Gold Valley seems connected with China. Would that pose any issues?
CZR Price at posting:
28.0¢ Sentiment: Hold Disclosure: Held
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