HET to be acquired

The WSJ reprots that Apollo Mgmt and Texas Pacific Group are poised to win the auction for casino giant Harrah's Entertainment (HET), with an offer of at least $90 per share. The private-equity groups still are hammering out details of the deal, which would go down as one of the largest private-equity buyouts in history. While a last minute hiccup could always derail or scuttle a transaction, the two sides are expecting to announce it on Monday.