Churchill Downs declined to act on an offer.
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Thomas H. Meeker, president and chief executive of Churchill Downs Inc., said the track’s board was advised by counsel that the buy-out offer by wealthy investor Louis E. Wolfson doesn’t constitute a formal offer that the board can evaluate. Earlier this month, Wolfson offered Churchill Downs shareholders $120 a share in cash for their holdings. Total value of the offer is more than $46 million.
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