Casino and resort operator Tropicana Entertainment has announced that the "window-shop" period provided for its recent merger agreement has expired.
The agreement sees Tropicana's gaming and hotel operations merge with fellow operator Eldorado Resorts while the window also covered the related sale of Tropicana's real estate to Gaming and Leisure Properties.
The window-shop period ran from April 15, 2018 until yesterday, and it allowed the company’s board of directors to terminate the merger agreement if it received an unsolicited acquisition proposal from a third party.
Tropicana has also revealed that it has received the required approval of the transaction by its stockholders, which was effected through the written consent of American Entertainment Properties, a significant stockholder of the company and a subsidiary of parent company, Icahn Enterprises.
The transaction is expected to close in the second half of 2018, subject to receipt of required gaming approvals, termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary closing conditions. The transaction is not subject to any financing condition.