Trump's casinos considering a buyout offer
The shares of Trump Entertainment Resorts Inc.
(NASDAQ:TRMP) has risen over 21% noon today on the market
following a confirmation of a preliminary takeover bid.
Atlantic City company founded by the famous Donald Trump hasn't
been profitable since the mid 2005, after emerging from
bankruptcy and received $500 million loan from Morgan Stanley.
The company announced last night that a committee has been
formed to consider the buyout offers it has received since
March, when they hired Merrill Lynch to explore options for the
company. At that time many market analysts have speculated that
at least one of the Trump's casinos will be sold.
Trump Entertainment declined to give details as to who had
submitted offers or for how much. The stock market value of the
Trump Entertainment is currently around $406 million.
Trump Entertainment owns Trump Plaza casino, Trump Taj Mahal and
Trump Marina Casino Resort, all in Atlantic City.