Best Online Gambling Casinos

Gambling news

Rivera Holdings Corporation Pending Shareholders Vote on IGE Bid

A $426.5 million buyout of Rivera Holdings Corp. was held on Wednesday, August 9th, after shareholders voted to wait. management of the gambling casino is considering an 11th-hour bid from the competing group.

International Gaming and Entertainment company made an unsolicited offer of $20 per share for all outstanding shares. According to Rivera Holdings, the offer came without commitment for financing, which includes the old Rivera hotel-casino on the Las Vegas Strip and a casino in Black Hawk, Colorado.

On Tuesday, August 8th, the shareholders met to announce the offer to vote on a $17 per share agreement signed in April with Riviera Acquisition Holdings.

The vote is postponed to August 29th while management reviews the credibility of the new offer.

International Gaming and Entertainment told the Board of Directors that its investors had "a sufficient amount of equity capital to complete the acquisition of Rivera as contemplated," according to the Rivera statement.

Some shareholders called the bid of $17 per share too low, but the Rivera organization refuses to vote against it.

In order to approve the merger, Rivera Holdings needs a 60% affirmative vote of the outstanding shareholders.


06 February 2007
News Submitted by:
Jessica Kellerman

Sharing Options | Digg this article! Sharing Options | Submit to

Our Sponsor

© Gambling 365