Caesars World battled Sosnoff’s proxy move.
In a letter to shareholders, the Los Angeles-based casino firm urged defeat of Martin T. Sosnoff’s campaign to oust four top officers from the board of directors. Sosnoff, who launched a mail proxy campaign last week, is seeking to increase his stock holding to 92.4% from 13.9%. The company urged shareholders to compare Sosnoff’s $32-per-share offer to the firm’s proposed recapitalization plan. Under the plan, the firm would borrow $1 billion to pay stockholders a $25-a-share dividend, and they would keep an equity interest in the successor company.
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