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Columbia-Sussex Wins Tropicana / Aztar Bidding War

By Chuckmonster on Sunday, 21st May 2006 10:27pm
  » filed under Las Vegas  comments: 0

   

Tropicana casino operator Aztar Corp. said on Friday it had agreed to be acquired by hotel and casino owner Columbia Sussex Corp. for $54 a share in cash, or about $1.9 billion.

The deal ends a two-month bidding war for Phoenix-based Aztar, which owns 34 acres of prime Las Vegas Strip real estate, after Pinnacle Entertainment Inc. said it would not raise its previously accepted offer of $51 a share.

Pinnacle made a "good disciplined decision," Deutsche Bank analyst Mark Falcone said in a report, considering that a $54-per-share price values Aztar's Las Vegas Strip property at over $30 million an acre.

Pinnacle had originally offered $38 a share for Aztar in March, but the takeover deal was soon challenged by a series of rival bids from Columbia Sussex, real estate investment firm Colony Capital LLC and Ameristar Casinos Inc..



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