Eldorado Resorts has agreed to buy St. Louis-based Isle of Capri Casinos in a deal worth about $1.7 billion, including the assumption of debt.
Reno, Nevada-based Eldorado Resorts Inc. has agreed to acquire Isle’s outstanding stock for $23 a share in cash or 1.638 shares of Eldorado common stock, as elected by each Isle shareholder. The payment represents about a 36 percent premium over Isle’s closing price Friday, which was $16.93 a share. The deal calls for Eldorado to assume $929 million of long-term debt of Isle and its subsidiaries, officials said Monday.
The boards of both companies have approved the buyout, which is subject to approval by stockholders of each company, and the approval of gaming authorities and other regulatory and customary closing conditions. Certain stockholders who control 24 percent of Eldorado and 35 percent of Isle have signed agreements to vote in favor of the deal, officials said. The transaction is expected to close in the second quarter of 2017.
Read more: St. Louis Business Journal