From the Bloodhorse:
MI Developments announced Tuesday that it will seek to take racetrack operator Magna Entertainment private by purchasing the additional shares it does not own in a cash and stock transaction valued at $285.8 million...
"We believe that the development of MEC's under utilized lands and certain of its racing assets into destination retail-entertainment centers represents an attractive investment opportunity for MID," Tobin said. "Taking MEC private will improve MEC's ability to execute its strategy by improving its ability to obtain financing."
Read the entire article here.
Posted by Oregon Racing News at July 13, 2004 07:08 AM