An investigation on behalf of investors of Isle of Capri Casinos (NASDAQ:ISLE) in connection with the proposed takeover was announced and NASDAQ:ISLE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/07/2016 -- The takeover of Isle of Capri Casinos is under investigation over possible wrongdoing. The investigation was announced on behalf of investors, who currently hold shares of Isle of Capri Casinos (NASDAQ:ISLE), concerning whether buyout of Isle of Capri Casinos by Eldorado Resorts, Inc for $23.00 per share is unfair.
Investors who purchased shares of Isle of Capri Casinos (NASDAQ:ISLE) and currently hold any of those NASDAQ:ISLE shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of Isle of Capri Casinos breached their fiduciary duties owed to NASDAQ:ISLE investors in connection with the proposed acquisition.
On September 19, 2016, Eldorado Resorts, Inc. (NASDAQ: ERI) and Isle of Capri Casinos, Inc. (NASDAQ: ISLE) announced that they have entered into a merger agreement whereby Eldorado Resorts, Inc will acquire all of the outstanding shares of Isle of Isle of Capri Casinos, Inc. for $23.00 in cash or 1.638 shares of Eldorado Resorts, Inc common stock, at the election of each Isle of Capri shareholder, reflecting total consideration of approximately $1.7 billion, inclusive of $929 million of long-term debt of Isle of Capri and its subsidiaries.
However, given that certain stockholders of Eldorado Resorts and Isle of Capri who control approximately 24% and 35% of the outstanding shares of common stock of Eldorado Resorts and Isle of Capri, respectively, have already signed agreements to vote in favor of the transaction, investigation concerns whether the offer is unfair to NASDAQ:ISLE stockholders. More specifically, the investigation concerns whether the Isle of Capri Casinos Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of Isle of Capri Casinos (NASDAQ:ISLE) closed on October 6, 2016 at $22.47 per share.
Those who are current investors in Isle of Capri Casinos shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com