Two Icahn Acolytes Leaving Caesars Board, Company Gets Second FTC Request for More Merger Info

Jesse Lynn and Ted Papapostolou, two members of the Caesars Entertainment (NASDAQ: CZR) board of directors, placed there at the behest of investor Carl Icahn, are leaving the directors suite. Investor Carl Icahn. Two of his appointees to the Caesars board tendered their resignations at the casino company. (Image: Getty) In a new Form 8-K filing with the Securities and Exchange Commission (SEC), the casino operator revealed that Lynn, general counsel of Icahn Enterprises (NYSE: IEP), and Papapostolou, the chief executive officer of Icahn’s company, informed Caesars Executive Chairman Gary Carano that they are leaving the directors suite “effective immediately.” Caesars also notes that the Icahn Group “waived their right to appoint replacement directors under the Director Appointment and Nomination Agreement,” potentially signaling that the financier is waiving the white flag following a failed effort to acquire the gaming company. Lynn and Papapostolou joined the Caesars board in March 2025, about 10 months after it was revealed that Icahn took a new equity stake in the company. Their resignations arrive about two months after Courtney Mather, another now former Caesars director with Icahn ties, announced his resignation from the board. He worked for Icahn for seven years. Board Departures Add to Caesars/Icahn Intrigue In the regulatory document, Caesars doesn’t allude to the departures of Lynn and Papapostolou being related to the company turning away acquisition overtures from Icahn. Last month, it was revealed that the Harrah’s operator and the investor held dialogue dating back to 2025 on a potential go-private deal with Icahn offering $34 a share to acquire the casino giant. That’s more than the $31 per share bid from Tilman Fertitta’s Fertitta Entertainment Inc. (FEI) that Caesars accepted. While Icahn delivered a higher per share offer than Fertitta, there were debt-related complexities with the former’s bid that reportedly made it unappealing to the Carano family — the largest non-institutional holder of Caesars equity. Icahn holds approximately 5% of Caesars shares. The gaming company is holding a special meeting on Tuesday, Sept. 22, at which investors will vote on the Fertitta takeover offer. Speaking of the Caesars Takeover… Caesars also notes that both it and FEI received a second request for more information on the proposed transaction from the Federal Trade Commission (FTC) in connection with the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act). The companies have 30 days to comply with that request and they intend to do so. “The Company and Fertitta Entertainment intend to continue to work cooperatively with the FTC in its review of the Merger. Completion of the Merger remains subject to the expiration or termination of the waiting period under the HSR Act and the satisfaction or waiver of the other closing conditions specified in the Merger Agreement,” according to the Caesars 8-K. The post Two Icahn Acolytes Leaving Caesars Board, Company Gets Second FTC Request for More Merger Info appeared first on Casino.org.