	sosnoff raises bid for caesars world caw investor martin t sosnoff said he has raised his offer for caesars world inc shares to dlrs each from dlrs and has reduced the number of shares he is seeking to mln from all those not already owned in a newspaper advertisement sosnoff said the bid by his mts uisition corp withdrawal rights and the proration period will now expire june unless extended the offer had been scheduled to expire may in late march sosnoff said he had received a negligible number of shares in response to the offer which had been rejected by caesars as inadequate sosnoff already owns about four mln of caesars mln common shares now outstanding or a pct interest on a primary basis last week caesars board approved a recapitalization plan as an alternative to the sosnoff offer under which shareholders would receive a special dividend of dlrs per share subject to approval by shareholders at a special meeting to be held in june the company planned to borrow mln dlrs and sell mln dlrs in debt to finance the payout sosnoff said in the newspaper advertisement that the amended offer is conditioned on receipt of enough shares to give him a majority interest on a fully diluted basis and on the arrangement of financing as well as to approvals by new jersey and nevada gaming authorities he said the tender would be the first step in uiring all of caesars shares and if successful would be followed by a merger transaction sosnoff said later in a statement that the mln shares he is now seeking together with the shares he owns would give him a pct interest on a fully diluted basis he said he still has received only a negligible number of shares in response to his tender in a letter to caesars chairman henry gluck included in the statement sosnoff said gluck had again refused on april to meet with him even though he had said he was willing to increase the price of his offer sosnoff said the financing for the offer is almost fully in place sosnoff said painewebber group inc pwj has now delivered to him commitments to purchase up to mln dlrs of increasing dividend cumulative exchangeable preferred stock of mts holding corp an indirect parent corporation of mts uisition he said marine midland banks inc mm which leads a syndicate that has provided commitments for a mln dlr margin facility believes it will be able to arrange for further commitments under the margin facility to advance up to an additional mln dlrs that may be needed to permit the purchase of shares under the offer sosnoff said under the merger that would follow his tender each of the caesars shares not covered by the offer or pct on a fully diluted basis would be converted into series a preferred stock valued at dlrs per shareby an independent investment baking firm he said to the extent that fewer than sdhares are purchased in the offer the stockholders would receive a combination of cash and series a preferred stock having a value of dlrs per share of caesars sosnoff said he believes terms of his offer are superior to caesars recapitalization sosnoff said he will be meeting this week with gaming officials in nevada in an effort to expedite the investigatory process required for regulatory approval a process that it already underway in new jersey he said his offer has been extended based on the likely duration of the regulatory process he said he intends to further extend the offer if the approval process is not completed by the expiration date reuter 
