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Casino operator Players International rejects Hollywood Park's merger bid

LOS ANGELES (AP) -- Players International Inc. rejected a $350 million buyout offer by Hollywood Park Inc., saying the bid was too low and the California racetrack and casino operator failed to show it had financing for the deal.

Players' board of directors voted unanimously against accepting the offer to pay $210 million in cash, or $6 per share, and assume $140 million in debt, Players announced Thursday.

Hollywood Park will wait to see if a better offer is made public before deciding how to proceed, said R.D. Hubbard, the company's chairman and chief executive.

"If a superior proposal does not materialize soon, we intend to review how to bring added value to the Players stockholders," he said.

Players International, based in Atlantic City, N.J., owns and operates riverboat casinos in Illinois, Louisiana and Missouri.

Hollywood Park, based in the Los Angeles suburb of Inglewood, operates the Hollywood Park racetrack in Inglewood. The company's subsidiary, Casino Magic Corp., operates casinos in Louisiana, Missouri and Mississippi.

In its statement, Players said it would explore other merger possibilities.

When Hollywood Park made its offer public on Tuesday, the company said it had been informed by Players that it was talking to other potential buyers.