MORGANTOWN -- Jacobs Entertainment is trying to buy West Virginia-based MTR Gaming Group, offering a deal it says is 10 percent richer for shareholders than MTR's planned merger with Eldorado Resorts.
In U.S. Securities and Exchange Commission filings Wednesday and a letter to MTR, chief executive Jeffrey P. Jacobs said his unsolicited offer of $5.69 per share is worth $15.6 million more than Eldorado Resorts' offer of $5.15 per share.
He also argues that MTR's board wouldn't be selling control of the company and could still appoint the majority of the board of directors.
The pending merger announced last month would give Nevada-based Eldorado 55 percent of the new company, which would have a combined per-share value of about $1 billion.
Jacobs owns more than 5 million shares, or 18 percent, of MTR's stock.
Eldorado senior vice president Tom Reeg declined comment on the offer Thursday. MTR Chief Financial Officer John Bittner said the company's board of directors would review the proposal from Jacobs Entertainment.
MTR runs Presque Isle Downs & Casino near Erie, Pa., Mountaineer Casino and Racetrack & Resort in Chester, W.Va., and Scioto Downs Casino & Racetrack near Columbus, Ohio.