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Byline: Bob Rayner
Jun. 12--Colonial Holdings Inc., which owns the Colonial Downs racetrack in New Kent County, announced a complicated merger deal yesterday that would pay stockholders $1.10 per share.
If the merger is approved, Colonial Holdings would cease to exist as a publicly traded corporation and would become a wholly owned subsidiary of a privately held company controlled by Jeffrey P. Jacobs, chairman and chief executive of Colonial Holdings.
Colonial Holdings, through its subsidiaries, owns the state's only pari-mutuel horse racing track and its satellite betting centers in Virginia.
Yesterday, the company executed a merger …