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December 4, 2009

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Brief: Departing Rio exec gets $2 million-plus

Thursday, Oct. 8, 1998 | 2:23 a.m.

The merger agreement calls for Rio shareholders to receive one share of Harrah's stock in exchange for each Rio share they own. If approved by stockholders of both companies in separate meetings later this year, owners of Rio's 28.4 million shares would wind up with 19.6 percent of Harrah's outstanding stock in a deal valued at $413.3 million.

The proxy statement noted that if the merger isn't consummated, Rio or Harrah's might be required to pay the other company a $22.5 million termination fee.

The proxy also disclosed that former Rio Chief Operating Officer Dave Hanlon, who recently left the company, got a $2 million settlement, options to buy 200,000 shares of stock and a one-year consulting fee paying $35,000 a month.

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