LV gaming, real estate investor rejects takeover offer

Tuesday, Nov. 28, 2000 | 11:04 a.m.

Revenue Properties Co. Ltd. of Toronto said its board is recommending that shareholders reject a tender offer for their shares by Acktion Corp., which is trying to take over Revenue Properties for $68 million (Canadian) and is critical of Revenue Properties' investment in the Las Vegas gambling industry.

Revenue Properties is a partner in the Las Vegas PT's Pub chain of video poker bars. Revenue Properties also controls shopping mall owner Pan Pacific Retail Properties, which has six shopping centers in the Las Vegas area.

Revenue Properties called Acktion's $2.50 per share offer "coercive and opportunistic" and said it doesn't recognize Revenue's "underlying fundamental value, track record and growth."

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