Seeking Alpha

Isle of Capri dives after announcing management changes

  • Isle of Capri (ISLE -14.2%) falls sharply after CFO Dale Black resigns and the company eliminates the position of Executive Chairman of the Board of Directors.
  • Shares of the casino operator had raced higher this summer on buyout talk, but are giving back a decent chunk of it today.
Comments (1)
  • Philip Marlowe
    , contributor
    Comments (922) | Send Message
     
    This casts some doubts that the buyout is going to happen. One usually does not do these big management reshuffles before a buyout. First, when a company is bought out, the board is obviously dismissed. Therefore, it is kind of pointless to reshuffle the board, and pay severance before a buyout.

     

    Management usually survives a buyout, but it is usually accepted that the buying company will do any management changes that may be necessary. These moves make it look like ISLE is planning to go at it as an independent company for the near future.
    11 Jul, 10:47 AM Reply Like
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