Trump casino says no dice to takeover bids

Atlantic City, N.J. -- Donald Trump's struggling casino company is no longer for sale, the Atlantic City, N.J., company said Monday.

Trump Entertainment Resorts Inc. said its board and Merrill Lynch & Co. determined no bids or indications of interest would likely "lead to a transaction that was in the best interests of the company and its shareholders."

Trump shares closed down $2.09, or 16.61 percent, at $10.49 on the news.
Last month, former gaming executive and regulator Dennis Gomes and JEMB Realty Corp. received exclusive negotiating rights to buy the company, which owns the Trump Taj Mahal Casino Resort, Trump Plaza Hotel & Casino and Trump Marina Hotel Casino.

But the two sides were too far apart on price, with Trump asking for more than $22 a share and Gomes offering more than $11 a share, The Philadelphia Inquirer reported.

The company said it would "continue to review other strategic corporate options while implementing its strategic operating plan with a view toward maximizing value for the company's shareholders."

Trump Entertainment has struggled against slot-machine parlors in Pennsylvania and New York since emerging from Chapter 11 bankruptcy protection two years ago.

It hired Merrill Lynch to explore selling the company in March.

Copyright 2007 by United Press International.