Jacobs seeks to acquire $5 million of MTR Gaming stock

By Lisa Kerner

Charlotte, N.C., July 2 - MTR Gaming Group, Inc.'s largest shareholder, Jeffrey P. Jacobs, is interested in purchasing up to $5 million worth of MTR president and chief executive officer Edson R. Arneault's company common stock prior to Jan. 15, 2009.

Jacobs offered to pay a premium of 25% above market price with a minimum of $6.25 and a maximum of $10.00 per share.

Jacobs made his request to Arneault in a June 27 letter included as part of schedule 13D filing with the Securities and Exchange Commission.

Jacobs was elected to MTR's board of directors in May.

The investor beneficially owns 4,091,253 shares, or 14.9%, of the Chester, W.Va.-based gaming company.

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