Shareholders Want More for Sands

As reported by the Reno Gazette Journal: "Shareholders unhappy with The Sands Regent's deal to sell to Herbst Gaming of Las Vegas for $148 million are suing and asking for a better price, according to court documents.

"The deal announced last month would give shareholders $15 per share, but the complaint filed in Washoe District Court calls the price 'grossly inadequate and unfair.'

"...Shareholders still must approve the deal, and according to tradition should receive a proxy statement within several weeks that explains the terms.

"...The suit lists shareholder Michael Lauren as the lead plaintiff, and seeks to block the deal and asks the court to direct the board to land a deal 'in the best interests of Sands Regent's shareholders.'..."

2006-06-07