Rhode Island Gambling Company To Acquire Dover Downs Casinos
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DOVER, Del. (CBS/AP) — Twin River Worldwide Holdings and Dover Downs Gaming & Entertainment have entered a merger agreement, according to a recent Securities and Exchange filing.
The merger became definitive on Sunday, according to the filing.
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As part of the agreement, privately held Twin River will become a publicly traded company.
The agreement calls for Dover Downs stock to be exchanged for Twin River common shares representing 7.2 percent of the equity in the combined company at closing.
Closing of the deal is subject to approval by Dover Downs shareholders.
Dover Downs shares were up $1, or 50 percent, in afternoon trading Monday.
Twin River's holdings include two casinos in Rhode Island and the Hard Rock Hotel & Casino in Biloxi, Mississippi.
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)
