Robbins Arroyo LLP: Acquisition of Isle of Capri Casinos, Inc. (ISLE) by Eldorado Resorts, Inc. (ERI) May Not Be in Sharehold...
September 19 2016 - 6:17PM
Business Wire
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Isle of Capri Casinos,
Inc. (NASDAQ: ISLE) by Eldorado Resorts, Inc. (NASDAQ: ERI). On
September 19, 2016, the two companies announced the signing of a
definitive merger agreement pursuant to which Eldorado will acquire
Isle of Capri. Under the terms of the agreement, Isle of Capri
shareholders will receive $23.00 in cash or 1.638 shares of
Eldorado common stock, the value of which is equivalent to $23.00
based on Eldorado's 30-day average closing price, for each share of
Isle of Capri common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/isle-of-capri-casinos-inc
Is the Proposed Acquisition Best for Isle of Capri and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Isle of Capri is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
On August 30, 2016, Isle of Capri reported strong earnings
results for its first quarter 2017. Isle of Capri reported net
income of $10.3 million for the three months ended July 24, 2016, a
232.26% increase from the same period of the prior year. In
commenting on these results, Isle of Capri Chief Executive Officer
Eric Hausler remarked, "We continue to reinvigorate our properties
through prudent capital investments to enhance the guest
experience. During the quarter, we began renovating the Kansas City
buffet and expect to start renovating the Black Hawk buffet in the
second quarter, among other projects.…We continued to execute on a
variety of other strategic initiatives which we believe enhance
shareholder value. Most notably, on August 22 we announced
that we have signed a definitive agreement to sell our Lake Charles
property for $134.5 million."
In light of these facts, Robbins Arroyo LLP is examining Isle of
Capri's board of directors' decision to sell the company now rather
than allow shareholders to continue to participate in the company's
continued success and future growth prospects.
Isle of Capri shareholders have the option to file a class
action lawsuit to ensure the board of directors obtains the best
possible price for shareholders and the disclosure of material
information. Isle of Capri shareholders interested in information
about their rights and potential remedies can contact attorney
Darnell R. Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com,
or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160919006530/en/
Robbins Arroyo LLPDarnell R. Donahue619-525-3990 or Toll Free
800-350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com
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