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Station Casinos Gets $4.7B Buyout Bid

05 December 2006

As reported by: Greenwich Time
Private equity bidders extended their shopping spree for casino companies Monday as Station Casinos Inc. said it received a $4.7 billion buyout offer from its founding family and an affiliate of Colony Capital LLC.

The $82-per-share offer for the Las Vegas-based neighborhood casino operator, backed by chief executive Frank J. Fertitta III and president Lorenzo Fertitta, represented an 18.7 percent premium to Friday's closing price.

Station shares shot above the mark, rising $15.80, or nearly 23 percent, to close at $84.90 on the New York Stock Exchange after peaking earlier in the day at a 52-week high of $85.19.

Analysts predicted that the offer might go higher and that interest by private equity groups in the gambling sector, rich in cash flows and real estate, would continue.

"All casino operators remain in play," said CIBC World Markets Corp. analyst David Katz in a research note. "With shares continuing to trade on private market speculation, we recommend to investors (to) continue to own the group."

The bid by the Fertittas and the Los Angeles-based real estate investment giant run by Tom Barrack follows a $15.05 billion offer for industry leader Harrah's Entertainment Inc., announced Oct. 2 by private equity firms Texas Pacific Group and Apollo Management Group.

Article By: Greenwich Time

Related Articles:

Opposition mounts to Las Vegas-based company's Reno plans - 25 September 2005
Graton tribe: Casino plans remain undefined - 17 August 2005
Station Casinos net income up sharply - 19 October 2004
Station Casinos boosts outlook for quarter - 08 September 2004
Gambling on gaming stocks was good bet - 20 June 2004

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