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Black Hawk Gaming Shareholders Approve Takeover by Gameco

7 January 2002

BLACK HAWK, Colorado –– As reported by the Associated Press: "Shareholders of Black Hawk Gaming & Development Co. on Friday approved a planned takeover of the company by an enterprise controlled by Black Hawk's chief executive officer.

"Black Hawk Gaming will become a wholly owned subsidiary of Gameco, which has agreed to pay $12 a share in cash for stock it doesn't already own.

"Gameco is controlled by Black Hawk Chief Executive Officer Jeffrey P. Jacobs.

"Black Hawk Gaming expects to complete the deal by the end of February if regulators approve.

"…If the deal fails because Gameco can't raise the money, Black Hawk will get $2 million in damages…"

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