Griffin Gets Hedge on Resorts
NEW YORK — Merv Griffin’s organization said today it had given itself an option to drop its bid for Resorts International Inc., a move that could give it leverage to lower its takeover offer.
“We have not made any decision that we’re going to terminate. On the other hand, we’re not giving them any assurance that the deal is going to go forward,” said Thomas Gallagher, a spokesman for Griffin Co. Griffin is offering $36 a share for Resorts, which owns Resorts International Casino Hotel in Atlantic City, N.J., and vast real estate holdings there, as well as a casino and property in the Bahamas. Under his plan, Griffin would take the company private by buying out all the stock, including that held by billionaire developer Donald Trump.
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