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Riviera Stockholders Object to Buyout Offer

By Chuckmonster on Monday, 10th April 2006 5:18pm
  » filed under Las Vegas  comments: 0

   

Riviera agreed last week to be bought by Riv Acquisition Holdings Inc., a private investment group, for about $211.5 million in cash. Riv Acquisition also agreed to assume or repay $215 million in the casino company's debt.

The D.E. Shaw Group, which holds about 1.2 million shares in Riviera and says it is the company's largest shareholder, said in a letter to Riviera Holdings Chief Executive William Westerman that the offer "substantially undervalues the company's assets -- especially its land on the Las Vegas Strip."

The group said the offer values the 26 acres of land Riviera owns in Las Vegas at $10.3 million per acre, which is less than the value implied in other deals.



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