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Chairman launches takeover bid

Wednesday, Feb. 28, 2001 | 11:30 a.m.

The chairman and president of Black Hawk Gaming & Development Co. has launched a bid to acquire the two-thirds of the company's stock he does not already control.

Jeffrey Jacobs offered $11 per share, a 68 percent premium on Monday's closing price of $6.56. Black Hawk stock on Tuesday shot up $3.19, or 48 percent, on the news. Jacobs said the proposal would be withdrawn if a definitive agreement is not executed by March 19.

In addition to two Colorado casinos, Black Hawk recently acquired the Gold Dust West in Reno.

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