Group Seeks Control of Santa Anita

Donald Koll and Leon Black, members of an investment group that holds an 8.6% stake in Santa Anita Cos., proposed that the Arcadia company distribute $27 a share to stockholders as part of a recapitalization plan that would give the group control of the company. The plan, submitted to Santa Anita’s board this week, calls for payment of a cash dividend of $11 per paired share, which represents stock in Santa Anita Realty Enterprises Inc. and Santa Anita Operating Co. The company would purchase up to 5.6 million paired shares through a tender offer. Under the plan, investors could keep their shares, accept $16 per paired share in cash or take $11 in cash and a warrant valued at $5.