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twitterShareholders OK takeover by CEO’s company
Monday, Jan. 7, 2002 | 9:28 a.m.
THE ASSOCIATED PRESS
BLACK HAWK, Colo. -- Shareholders of Black Hawk Gaming & Development Co. on Friday approved a planned takeover of the company by an enterprise controlled by Black Hawk's chief executive officer.
Black Hawk Gaming will become a wholly owned subsidiary of Gameco, which has agreed to pay $12 a share in cash for stock it doesn't already own.
Gameco is controlled by Black Hawk Chief Executive Officer Jeffrey P. Jacobs.
Black Hawk Gaming expects to complete the deal by the end of February if regulators approve.
Black Hawk Gaming owns the Gilpin Hotel Casino in Black Hawk, the Gold Dust West Casino in Reno and 75 percent of The Lodge Casino in Black Hawk.
If the deal fails because Gameco can't raise the money, Black Hawk will get $2 million in damages.
Black Hawk Gaming shares closed up 18 cents to $11.30 on the Nasdaq Stock Market Friday.
Gameco also owns Colonial Downs race track in New Kent, Va.
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