Winners Entertainment of Irvine Cancels Merger With L.A. Firm
IRVINE — Winners Entertainment Inc. said Monday it has canceled its proposed merger plans with Las Vegas Entertainment Network Inc. of Marina del Rey.
In response, Las Vegas Entertainment said it will try to force the merger on Winners and “will pursue all of its legal remedies . . . including injunctive relief.â€
Irvine-based Winners Entertainment, formerly Excalibur Holdings Corp., had agreed to acquire all of the outstanding stock of Las Vegas Entertainment at $12 a share to be paid for with newly created interest-bearing Winners Entertainment preferred stock.
No one at either company would comment further Monday.
Winners’ stock did not trade on Monday. The last closing price was $7.12 a share in Nasdaq trading.
Winners’ subsidiary Mountaineer Park Inc. operates Mountaineer Racetrack and Resort, a 606-acre entertainment complex in West Virginia. Another subsidiary, Mountaineer Magic Inc., offers an electronic lottery system played on video terminals.
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