California Jockey Club Reaches Agreement For Hudson Bay Partners To Invest $300 Million, At Effective Price of $20 Per Share, For Interests Convertible Into 72% of Cal Jockey/Bay Meadows Stock

PR Newswire | August 19, 1996 | Copyright

San Mateo, Calif., Aug. 19 /PRNewswire/ -- The California Jockey Club (AMEX: CJ) today announced that it has entered into an agreement for Hudson Bay Partners L.P. to invest $300 million into two new limited partnerships, in exchange for 15 million of the new limited partnership units, which are convertible into 72 percent of California Jockey Club/Bay Meadows Operating Company (CJC/BMOC) stock, at an effective price of $20 per share. The $300 million investment will be made over a period of not more than three years.

The CJC Board received a "fairness opinion" dated ...

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