NEW YORK Caesars World Inc. stock surged today after ITT Corp.agreed to buy the casino industry heavyweight for about $1.7 billion,a major expansion of the conglomerate's hotel and entertainmentbusiness.
The deal would unite one of the most recognized names in casinogambling with ITT's Sheraton hotel chain.
ITT offered $67.50 a share for all of Caesars' shares, a 49percent premium above Caesars closing price of $45.25 a share onFriday.
Caesars climbed 20 3/4 a share to 66 at the close of tradingtoday on the New York Stock Exchange. ITT was down 0 3/8 a share at81 1/2.
Los Angeles-based Caesars World earned $78.3 million in thefiscal year ended …
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