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California: News and Insight on Business in the Golden
State | THE STATE / GAMING

Casino Operator Rejects Hollywood Park Bid

November 13, 1998|Jesus Sanchez

Players International Inc. said its board of directors voted unanimously to reject a $210-million takeover offer from Hollywood Park Inc. Atlantic City, N.J.-based Players, which owns a small chain of riverboat casinos and is partly owned by Merv Griffin, described Hollywood Park's offer of $6 a share as "inadequate" and said that the Inglewood-based company had failed to show that it had lined up the financing needed to complete the acquisition. R.D. Hubbard, Hollywood Park's chairman and chief executive, said in a statement that he was disappointed over the rejection, but that his company would review the matter "if a superior proposal [for Players International] does not materialize soon." Players shares rose 6 cents to close at $6 on Nasdaq; Hollywood Park shares rose 6 cents to close at $10.19 on the New York Stock Exchange.

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