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Eldorado Resorts, Isle of Capri shareholders OK merger

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Eldorado Resorts, Isle of Capri shareholders OK merger

Eldorado Resorts Inc. and Isle of Capri Casinos Inc. won shareholder approvals for their proposed merger at separate meetings Jan. 25.

At Eldorado's meeting, holders of more than 99% of the company's shares voted in favor of the issuance of Eldorado's common shares in the merger, representing about 85% of Eldorado's outstanding common stock as of the meeting's record date.

At Isle of Capri's meeting, holders of more than 99% of the company's shares voted to approve the merger, representing about 84% of Isle's outstanding common stock as of the meeting's record date.

Under the roughly $1.7 billion deal, Eldorado will acquire all of Isle of Capri's outstanding shares for a per-share consideration of $23 in cash, or 1.638 Eldorado common shares.

The merger, which is expected to close in the second quarter, remains contingent on the approval of applicable gaming authorities and other customary conditions.