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Exhibit A
Centennial Investment & Management Company, Inc.
0000 Xxxxxxxx / Xxxxx 000
Xxxxxxx, Xxxxxxxx 00000
(000) 000-0000 / (000) 000-0000 FAX
April 10, 2001
CONFIDENTIAL
Mr. X. Xxxxxxx XxXxxx, Chairman
Special Committee
BLACK HAWK GAMING & DEVELOPMENT COMPANY
Black Hawk, Colorado 80426
Dear Xxx:
Our respective attorneys should be finishing up the Confidentiality
Agreement shortly. There were a number of troubling provisions in the original
draft which we have addressed and hopefully this procedural matter will be taken
care of shortly.
Meanwhile, I have been able to develop various models looking to make
an offer to the Special Committee. Without benefit of additional information
provided to me by Black Hawk, but based on my models and their assumptions, I am
working with other current shareholders of the Company and am prepared to make
the following offer for your consideration.
Based on my preliminary analysis I am prepared to offer to purchase all
outstanding shares of Black Hawk Gaming & Development Company, Inc., other than
shares held by participating members of any group I may form, for $12.00 per
share subject to financing and completion of due diligence. I feel that Xx.
Xxxxxx' current offer falls short of providing adequate shareholder value.
On another matter, Xxx Xxxxxx indicated that your financial advisor,
Xxxxxxxxx Xxxxxxxx, Inc., would be providing me with a copy of their Executive
Summary. Hopefully the completion of our Confidentiality Agreement will allow
this material to be sent to us as quickly as possible. We have also requested to
review a copy of Xx. Xxxxx'x current offer and hope that information will be
forthcoming as well.
We look forward to working with you and members of the Special
Committee on this important matter.
Sincerely,
X. X. Xxxxxxxx
cc Xxxxx Xxxxxxx
Xxx Xxxxxx
