LV company gives up on merger

Jackpot Enterprises Inc. of Las Vegas has decided to end its pursuit of Atlantic City-based riverboat operator Players International.

In a Securities and Exchange Commission filing, Jackpot said its board of directors had "declined to match or exceed the offer made by Harrah's (Entertainment)." The company received a $13.5 million termination fee from Players on Aug. 19.

Jackpot had signed an agreement on Feb. 8 to acquire Jackpot for $8.25 in cash and stock. On Aug. 15, Players announced it was terminating its agreement with Jackpot to accept an $8.50 cash offer from Harrah's.

Because of the termination of the Players acquisition, Jackpot will hold its annual meeting on Sept. 14 at Bally's in Las Vegas. The meeting was previously scheduled to be held in Missouri.

archive