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Riviera Under Stock Takeover

By Chuckmonster on Friday, 30th December 2005 11:41am
  » filed under Las Vegas  comments: 0

   

Shares of Riviera Holdings Corp. rocketed in morning trading on Wednesday after a group of investors, including Flag Luxury Riv LLC, Rivacq LLC and High Desert Gaming LLC, disclosed a joint bidding agreement to possibly acquire the Las Vegas-based casino company.

In a document filed with the Securities and Exchange Commission, the companies said they entered an agreement on Dec. 22 to buy 1 million shares of common stock from Riviera Chairman William L. Westerman, and a trust affiliated with Westerman, priced at $15 per share, between Jan. 3 and Jan. 10. The buyers agreed to make a second stock purchase of 650,000 shares, also priced at $15, a 4 percent premium over Tuesday's closing price of $14.43.



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