Las Vegas-based Progressive Gaming said it entered into a $15 million convertible note transaction with IGT and a new credit facility and term loan agreement with a private equity group for $18 million. Progressive plans to use the proceeds to retire the remaining $30 million of the company's debt.

In addition, Progressive said it will expand its strategic technology alliance with IGT and will transfer its Casinolink Jackpot Station technology to the Reno-based slot maker, but will retain license to continue to market the standard jackpot features of the technology.

NEW YORK

ImClone says offer undervalues company

ImClone Systems' board of directors said Monday cancer drug partner Bristol-Myers Squibb Co.'s $4.5 billion buyout offer "substantially undervalues" the company, with Chairman Carl Icahn against the deal.

Despite calling the bid too low, ImClone stopped short of rejecting it and said its board formed a committee to weigh the offer. The board also said it is considering splitting the company into two units to focus on Erbitux and its developing pipeline separately.

The New York-based companies are partners on the colon- and head-and-neck-cancer treatment Erbitux. They are also currently developing the drug as a lung cancer therapy.

"As we stated last week, we believe we've made a fair offer and we look forward to a response from ImClone's board on that offer," Bristol-Myers spokeswoman Tracy Furey said.

NEW YORK

Oil prices tumble to three-month low

Oil prices plunged to a three-month low Monday, dropping $3.69 to close at $121.41 after briefly tumbling below $120 a barrel. The sell-off came after Tropical Storm Edouard seemed less likely to disrupt oil and natural gas output in the Gulf of Mexico.

Crude's steep drop dragged down other commodities from corn to copper and mimicked the big nosedives of the past three weeks, adding to growing beliefs that the oil bubble is at least temporarily deflating.

"What this means is that we're going to see some more relief at the pump. We're probably looking at another 10 cents of downside in retail gas prices," said Tom Kloza, publisher and chief analyst at Oil Price Information Service in Wall, N.J. A gallon of regular gasoline fell on average about half a penny overnight to $3.881.

NEW YORK

Treasury prices show decrease

Treasury bond prices weakened Monday as investors prepared for this week's issuance of $27 billion worth of new government debt and the Federal Reserve's meeting on interest rates..

The 10-year Treasury note fell 0.22 points to 99.25 points. Its yield rose to 3.97 percent from 3.94 percent late Friday, according to BGCantor Market Data. Yields move in the opposite direction of prices.

The 30-year long bond fell 0.41 points to 96.5 points. Its yield rose to 4.59 percent from 4.56 percent Thursday.