"There is greater likelihood of a friendly deal now," one executive said.

It later said it would pay $25 a share, or a total of $320 million, in a friendly deal.

The new offer, made last week, was conditioned on Farmers' agreeing to a friendly deal.

Trying to pursue a friendly deal may have worked out better, they said.

"I'd still like to do a friendly deal with Caesars," he said.

Therefore, an interested buyer would probably have to make a friendly deal, he said.

"But any acquisition would have to be a friendly deal because of the family control."

He said the company would have preferred a friendly deal.

Nonetheless, even in friendly deals, the Fed can take six months to process an application.

However, Grand Met's chairman said he was prepared to offer about $63 if it were for a friendly deal.