Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Jeffrey Jacobs of Jacobs Entertainment Insists on Merger with MTR Gaming

MTR Gaming Group, Inc. (NASDAQ:MNTG) today got an updated proposal from Jeffrey P. Jacobs, Chairman and CEO of Jacobs Investments, in which the latter urges the Board of MTR to accept his proposal of merger, a filing with the SEC stated. Public shareholders of MTR Gaming would get $30 million which is higher than $24.6 million that they will receive if the company accepts the proposal to merge Eldorado Resorts.

MTR

Jacobs said the following in his letter: “Obviously my proposal to merge at an implied value of $5.69 per share represents significantly more value to shareholders than the $5.15 value per share in the existing Eldorado merger agreement. When the Board meets, it should also keep in mind the following additional aspects in which my proposal is clearly and obviously superior to the existing Eldorado merger agreement:” (download the letter below)

Jacobs proposal for MTR

Jeffrey Jacobs holds a significant position in MTR Gaming, his stake comprising 5.1 million shares of the company, which represents 18.14% of the company. He first offered to sell Jacobs Entertainment to MTR at the beginning of October, issuing a slideshow that supports his case. MTR Gaming entered into a merger agreement with Eldorado Resorts.

Disclosure: none

Recommended Reading:

Safra Asset Management Ups Stake in Fibria Celulose to 6%

Baker Bros. Buy Some Shares of Mirati Therapeutics

The 10 Main Hedge Fund Moves of the Past Seven Days

Loading...