RICHMOND, Va. (AP) -- The owner of the Colonial Downs thoroughbred track in Virginia wants to sell his company to West Virginia-based MTR Gaming Group Inc. in exchange for $144.5 million in MTR stock.
The Richmond Times-Dispatch says chief executive Jeffrey Jacobs made the unsolicited offer to sell Colorado-based Jacobs Entertainment Inc. He argues in a letter the deal would help MTR diversify geographically.
MTR owns casinos in West Virginia, Pennsylvania and Ohio.
Jacobs Entertainment runs casinos in Colorado and Nevada, and has other gambling interests in Virginia and Louisiana. Regulatory filings show it also currently holds about 18 percent of MTR's stock.
Jacobs also notes his company has maintained strong financial performance through difficult economic times.
MTR Chief Financial Officer John Bittner didn't immediately comment on the proposal Tuesday.
Information from: Richmond Times-Dispatch, http://www.timesdispatch.com
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