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November 29, 2009

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Players holders OK merger with LV company

Monday, Nov. 1, 1999 | 11:41 a.m.

Shareholders of Players International Inc. of Atlantic City approved a proposed $425 million merger with Harrah's Entertainment Inc. of Las Vegas.

More than 99 percent of shares represented at Players' special meeting last week were voted in favor of the Harrah's buyout. About 81 percent of Players' shares were represented at the meeting.

Harrah's will pay $8.50 per share in cash for Players, which owns and operates riverboat casinos in Metropolis, Ill., Lake Charles, La. and Maryland Heights, Mo. Players also operates a racetrack near Paducah, Ky.

Harrah's announced its bid for Players on Aug. 16, topping an $8.25 per share bid by Las Vegas-based Jackpot Enterprises Inc. Players paid Jackpot a $13.5 million termination fee after accepting the Harrah's offer.

Players also announced that the merger completion deadline has been extended from Oct. 31 to Jan. 31, 2000, with the consent of both companies.

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