CAESARS WORLD &lt;CAW> REJECTS SOSNOFF'S OFFER

  Caesars World Inc said its board
  unanimously rejected a 28 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 &lt;MTS Acquisition 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 13.6 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 1/8 point at 28-1/8. That is 1/8
  point above Sosnoff's offer price.
  

