	caesars world caw rejects sosnoff s offer caesars world inc said its board unanimously rejected a dlr a share takeover offer by new york investor martin t sosnoff caesars said sosnoff s offer to by all its outstanding shares of common stock was inadequate and not in the best interests of its shareholders the company recommended that shareholders reject sosnoff s offer made through his mts uisition corp and not tender any of their shares caesars said it will explore a variety of alternative transactions but did not elaborate caesars in a brief statement did not say whether it would seek to buy back its shares held by sosnoff a caesars spokesman said the company would not comment further on its decision on wednesday sosnoff told the securities and exchange commission that he controls pct of the company s stock sosnoff also informed the sec that caesars had offered to buyout his holdings several times during the past year no one from the sosnoff organization was immediately available for comment caesars said its financial advisor drexel burnham lambert inc had determined that sosnoff s offer was financially inadequate for shareholders other than sosnoff the company said other factors it considered in rejecting the offer were its financial condition future prospects current market conditions and the numerous conditions on which sosnoff s bid was conditioned caesars stock opened up point at that is point above sosnoff s offer price reuter 
