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twitterBrief: Harveys extends consent bid
Tuesday, Dec. 22, 1998 | 11:45 a.m.
The consent solicitation period is now due to expire today, a Harveys statement said. Harveys executives have not responded to repeated requests for comment from the Las Vegas Sun.
The solicitation asks note holders to waive certain covenants in the notes that relate to change of control and merger financing. Harveys has agreed to pay a fee of $25 for each $1,000 of notes for which consent is received.
Harveys has extended the consent solicitation expiration five times this month, an indication it hasn't received the required approvals yet.
Last February, Harveys said it had agreed with Los Angeles-based Colony Capital for a subsidiary of the private real estate investment firm to acquire the casino company, which operates resorts in Lake Tahoe, Central City, Colo., and Council Bluffs, Iowa.
The proposed $420 million transaction calls for the Colony unit to pay $28 cash for each of Harveys' 10.8 million fully diluted common shares and assume debt.
Harveys stock was quoted at $26.75 in late-morning trading today.
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