Odyssey Entertainment Ltd. has made a “revised”...

Odyssey Entertainment Ltd. has made a “revised” merger proposal to acquire all the outstanding shares of Heritage Entertainment Inc. Odyssey holds 9.8% of Heritage’s stock. Under the plan, each share of Heritage common stock would be exchanged for a combination of cash and Odyssey preferred stock. “It should not be presumed that the Heritage board will view (this) proposal any differently than their earlier all-preferred stock proposal, which was unanimously rejected one month ago,” said Heritage President and Chief Executive Arthur Steloff.