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Harrah's Entertainment Eschews Dual Listing

LAS VEGAS-Shortly after accepting a $27.8-billion buyout offer, the casino-resort operator says it will no longer list its common stock on NYSE Arca Inc., formerly the Pacific Exchange.

By Brian K. Miller | Updated on December 21, 2006

LAS VEGAS-Harrah’s Entertainment Inc. plans to withdraw the listing of its common stock from NYSE Arca Inc. in favor of only one listing on the New York Stock Exchange. Its withdrawal from the former Pacific Exchange is expected to be effective within the next 30 days. NYSE Arca will continue to trade Harrah’s Entertainment, Inc. stock on an unlisted trading privilege basis.

In a prepared statement, Harrah’s says the goal of the withdrawal is to “eliminate duplicative administrative requirements inherent with dual listings as a result of the NYSE Group’s recent merger with Archipelago Holdings, the parent company of NYSE Arca.” The company made a point of saying the decision is unrelated to this week’s agreement to be acquired by affiliates of Texas Pacific Group and Apollo Management for $27.8 billion in cash and assumed debt.

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