Wohl & Fruchter LLP has renewed its investigation into the proposed $17.6 billion acquisition of Caesars Entertainment by Fertitta Entertainment after a regulatory filing disclosed a higher takeover offer from the Icahn Group.

The proposed transaction values Caesars at $31 per share in cash. However, a definitive proxy filed by Caesars with the U.S. Securities and Exchange Commission on August 25 showed that the Icahn Group submitted a $34-per-share cash bid during the go-shop period.

“Among other things, the proxy provided details concerning the discussions between the Caesars board and the Icahn Group after the Icahn Group submitted a bid of $34.00 per share in cash during the go-shop period,” Wohl & Fruchter said.

The Caesars board supports the Fertitta offer and has recommended that shareholders approve the deal at a vote scheduled for September 22.

The law firm said it had originally launched its investigation because the $31-per-share offer was below the price targets of multiple Wall Street analysts before the transaction was announced. Some analysts had previously suggested Caesars could command a takeover price in the mid- to high-$30 range.

“We are investigating whether the Caesars board of directors acted in the best interests of Caesars shareholders in recommending the sale,” said Joshua Fruchter, a founding partner of Wohl & Fruchter.

The firm did not say whether it planned to pursue class action litigation, but encouraged shareholders with concerns to contact it.