Empire Resorts, Inc. Adopts Stockholder Rights Plan
March 24 2008 - 4:58PM
Business Wire
Empire Resorts, Inc. (NASDAQ: NYNY) today announced that on March
24, 2008, its Board of Directors adopted a Stockholder Rights Plan.
Under the plan, Rights will be distributed as a dividend at the
rate of one Right for each share of Empire common stock, par value
$.01 per share, held by stockholders of record as of the close of
business on April 3, 2008. The Rights Plan is designed to deter
coercive takeover tactics, including the accumulation of shares in
the open market or through private transactions and to prevent an
acquirer from gaining control of Empire without offering a fair and
adequate price and terms to all of Empire�s stockholders. The
Rights will expire on March 24, 2010. Each Right initially will
entitle stockholders to buy one unit of a share of a series of
preferred stock for $20.00. The Rights generally will be
exercisable only if a person or group acquires beneficial ownership
of 20 percent or more of Empire common stock or commences a tender
or exchange offer upon consummation of which such person or group
would beneficially own 20 percent or more of Empire's common stock.
A copy of the Stockholder Rights Plan will be filed shortly with
the Securities and Exchange Commission. About Empire Resorts, Inc.
Empire Resorts operates the Monticello Gaming & Raceway and is
involved in the development of other gaming and non-gaming resort
projects in the Catskills. Additional information can be found at
www.empiresorts.com. Statements in this press release regarding the
company's business that are not historical facts are
"forward-looking statements" that involve risks and uncertainties,
including the need for regulatory approvals, financing and
successful completion of construction. The company wishes to
caution readers not to place undue reliance on such forward-looking
statements, which statements are made pursuant to the Private
Securities Litigation Reform Act of 1994, and as such, speak only
as of the date made. To the extent the content of this press
release includes forward-looking statements, they involve various
risks and uncertainties including (i) the risk that the Company�s
proposed joint venture with Concord Associates is not completed or
the Company is not able to develop a Class II or Class III casino;
(ii) the risk that financing necessary for the proposed programs or
projects may not be able to be obtained because of credit factors,
market conditions or other contingencies, (iii) the risk of
non-compliance by various counterparties of the related agreements,
and (iv) general risks affecting the company as described from time
to time in its' reports filed with the Securities and Exchange
Commission. For a full discussion of such risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see "Risk Factors" in the company's
Annual Report or Form 10-K for the most recently ended fiscal year.
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