SOSNOFF SAYS CAESARS <CAW> OFFERED STOCK BUYBACK
Martin Sosnoff, who has offered to
buy Caesars World Inc for 28 dlrs a share, said senior
officials of the company have offered to buy back the Caesars
stake he already holds, now 13.6 pct of the total outstanding.
    In a filing with the Securities and Exchange Commission,
Sosnoff, a New York investor and money manager, said the offers
to buy back his stock occurred "on several occasions during the
past year."
    The offers were made by several Caesars World
representatives, including its chairman, Henry Gluck, he said. 
   Sosnoff said he rejected all of the proposals.
    The Caesars World official suggested various forms of
payment for Sosnoff's stake, including other securities of the
company and cash, he said. Sosnoff did not detail the value of
the proposed compensation.
    Also suggested was a deal involving "put" and "call" option
regarding Sosnoff's Caesars World holdings, he said.
    The proposed deals would have also included a "standstill"
agreement, which would have restricted Sosnoff's right to buy
more Caesars World stock or "to take any action adverse to
incumbent management," he said.
    Sosnoff's report on the offers he received for his Caesars
World shares were amended to his official offer to purchase the
company, as well as reported to the SEC.
    Sosnoff now holds about 4.1 mln Caesars World shares, or
13.6 pct of the company's 30 mln shares outstanding.
    The Sosnoff offer to buy the shares of the company he does
not already hold has been valued at 725.2 mln dlrs.
 Reuter
