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Cosmopolitan Impresario Makes Bid for Riviera

By Chuckmonster on Monday, 13th November 2006 11:04am
  » filed under Las Vegas  comments: 1

   

Cosmopolitan honcho Bruce Eichner and investment consortium D.E. Shaw group have tendered a buyout offer to Riviera Holdings Corp. for $21/share - $262 Million Dollars - about $260,999,999.98 dollars too much for the dump on the end of the Strip. Yes folks, its worth two cents. Here's the press release:

Riviera Holdings Corporation today announced that it has received a non-binding proposal from real estate developer Ian Bruce Eichner and the D. E. Shaw group, on behalf of an entity to be formed by them, to acquire by merger all of the outstanding shares of Riviera at a cash price of $21 per share. Their proposal is conditioned upon satisfactory completion of due diligence, negotiation of definitive transaction documents, and receipt of necessary board, stockholder, third party, and regulatory approvals.



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Oh no, the Riviera is one of the last old gals of the strip.



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