Seeking Alpha
Profile| Send Message|
( followers)  

Harrah's (HET) announced that the Nevada Gaming Control Board has unanimously endorsed the buyout of the gaming company by Apollo and Texas Pacific. The Nevada Gaming Commission will take its final action on December 20, but it is expected to follow the recommendation of the Control Board.

Also, a federal judge denied a motion to dismiss a $2.8 billion claim against Harrah's by members of the St. Regis Mohawk Tribe in upstate New York. The Mohawk are seeking to enforce a judgment made in a tribal court in 2001 that found Harrah's predecessor Park Place Entertainment interfered in the tribe's plans to build a casino in the Catskill Mountains. Harrah's plans to refile the motion in a different format and said it continues to believe the suit and claim have no merit.

Omniture (OMTR) and Visual Sciences (VSCN) announced that the FTC had granted early termination of the HSR waiting period, clearing one closing condition to their merger. The deal is expected to close in the first quarter of 2008, following shareholder approval and other closing conditions.

The acquisition of Cost-U-Less (CULS) by North West Company Fund is now expected to be delayed until mid-January of 2008 due to a requirement from North West to confirm capital expenditures on a new store Cost-U-Less is opening in the Cayman Islands on December 13. The merger was expected to close before the end of the year.

Source: December 5th Merger Arbitrage Activity