Actually, the SEC might be investigating the offer, but for a slightly different reason. It seems there was a lot of what looked like insider trading for the three days prior to Harrah's announcement of the offer.
http://www.boston.com/business/artic...hs_before_bid/
One of the partners of Texas Pacific Group had bought Harrah's properties in the past when he was president and COO of Colony Capital. They were the group that picked up properties in Altantic City, Tunica, and East Chicago.
A short piece about the deal and what it could mean to poker:
http://www.pokernews.com/news/2006/1...-it-happen.htm