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Riviera Sold (Maybe)

By Chuckmonster on Wednesday, 16th May 2007 12:30am
  » filed under Mergers & Acquisitions  comments: 0

   

The Riviera Hotel & Casino in Las Vegas has long, long, long, muther frakking looooong been the subject of takeover rumors. It seems that the old lady is finally having her chance to walk down the aisle (again). According to current Riv boss man William Westerman... Ian Bruce Eichner and the Cosmopolitan gang will most likely be ringing the wedding bells.

There are currently two announced suitors for Frank's place (not Sinatra - Marino) - renegade hard-balling trixors Riv Acquisitions, and a group of investors headed by Eichner, impresario behind the steadily growing Strip erection - 'The Cosmopolitan.' Eichner's posse has upped their bets to $30 bucks a share - a number which Riviera Holdings' William Westerman says is 'credible.'

"We believe they are very eligible buyers in terms of financial capability and licensing capability. They've proven that they can do the job." - William Westerman

Its obvious that Westerman would rather eat at Kady's everyday until his stomach blows up then sell to Riv Acquisitions. What seems to have been buried in the fine print of the final paragraph of the AP article is semi-confirmation that Riviera will most likely go with Eichner's offer after their board meeting on Wednesday - unless another suitor joins the fray (paging Pinnacle Entertainment... Pinnacle Entertainment to the courtesy desk...).

Westerman continues:

"Big difference between $21 [Eichners original bid] and $30 [Eichner's current offer]. Not a big difference between $30 and $31. In the absence of anything credible, it wouldn't seem like a very thoughtful thing to lose it."

Riv Acquisitions is considering a bid above $30, but, according to Riviera's current board of directors, they have been disqualified from raising the pot due to their recent violations of state antitrust law.

So... the Riviera may be sold as early as tomorrow.

Or not.



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