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twitterInvestor says company talked down share price before sale
Wednesday, Nov. 10, 2004 | 9:18 a.m.
A U.S. fund manager says comment by officials of Argosy Gaming Co. about slow growth prospects days before the company agreed to be acquired by Penn National Gaming Inc. for $1.4 billion may have pushed the stock price down and shortchanged investors, the Wall Street Journal reported.
Jason Ader, chief executive of Hayground Cove Asset Management in New York, said he asked the company in a letter to reconsider plans to sell Argosy for $47 a share because he believes the stock is worth closer to $60, the Journal reported.
A spokesman for Alton, Ill.-based Argosy said the company hasn't gotten the letter and refused to comment, the paper reported.
Hayground Cove holds some 340,000 shares, or about 1 percent of Argosy stock, the Journal reported.
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