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Stakeholder Places Bid on Stock Buyout, Wants Black Hawk to be Private

BLACK HAWK, CO-Black Hawk Gaming CEO's is seeking to buy all shares he doesn't own in the gaming company. His goal is to buy the operation and take it private. Shareholders have until March 15 to jump on the offer.

By John Rebchook | Updated on March 02, 2001

BLACK HAWK, CO-Developer and financier Jeffrey Jacobs, who also is CEO of Black Hawk Gaming & Development Co., wants to buy the gaming company he heads and take it private.

Jacobs is offering $11 per share for all shares he doesn’t own. The deal is good until March 15. He is the largest single shareholder, owning about a third of the outstanding shares. Black Hawk Gaming owns and operates the Gilpin Hotel Casino and is 75% owner of operator of the Lodge Casino, both in Black Hawk, a mountain community west of Golden where limited stakes gambling is allowed.

The company has about 1,875 gaming devices under management, making it the largest Colorado-based gaming operator. It had booked $93.2 million in revenues in 200 and $5.5 million in net profits last year. It employs about 1,00 workers.

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