Jacob's Gameco Inc. will take the firm private by paying $12 per share for the 68% of the stock not owned by Jacobs or his affiliates.
The deal includes the assumption of about $60 million in debt.
Jacobs expects the financing for the merger by the end of January and hopes to close the deal by the end of February.
If Gameco can't pull off the deal because of its inability to obtain financing or under other specified circumstances, Black Hawk Gaming will be entitled to liquidated damages of $2 million.
Black Hawk Gaming owns and operates the Gilpin Hotel Casino in Black Hawk, a mountain town west of Denver. It also owns the Gold Dust West Casino in Reno, NV and is the 75% owner and operator of the Lodge Casino in Black Hawk.
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