Greektown Superholdings Inc. (GRKT.OB) announced Wednesday that it has received a letter today from Athens Acquisition LLC, an entity owned by Daniel Gilbert.
In the letter, Athens stated that it “acquired a small position” in Greektown in mid 2012 and that it “entered into an agreement to purchase a large block of the Company’s shares on December 20, 2012.”
Athens has also stated that “upon the closing of this transaction, Athens Acquisition is expected to have majority voting control of the Company.”
Athens proposes to acquire the remaining capital stock of Greektown for $81 per share.
The company said that its Board intends to fully review and investigate the proposal and to explore all strategic alternatives available to the Company.
The company also announced that the January 24, 2013 distribution/payment date of the rights under the Company’s previously announced Shareholder Rights plan will be delayed pending approval of the Michigan Gaming Control Board.
The company had previously announced that it requested guidance from the staff of the Michigan Gaming Control Board as to whether the Gaming Board’s approval is required for the distribution of the rights and that, if such approval was determined to be required, the distribution/payment date could be delayed. There is no change at this time to the previously announced record date of January 15, 2013 for distribution of the rights.
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by RTT Staff Writer
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