CNBC's Faber Reports on a Competing Bid for Harrah's Entertainment (HET)

CNBC's David Faber reports on a competing bid for Harrah's Entertainment Inc. (NYSE: HET). Faber said a Penn National Gaming Inc. (Nasdaq: PENN) group, including DE Shaw, Lehman Brothers, and Wachovia are looking at a bid for Harrah's. Faber said it is not clear if the Penn group could present a competitive bid.

Currently, Harrah's is evaluating a bid from Apollo Management Group and the Texas Pacific Group, which was last reported to be around $83-$84 per share.

Harrah's is up 1.2% to $77.59 in afternoon action.