18 Oct 2006
Aztar shareholders agree US$2.8bn bid
Shareholders at US-based gaming company Aztar, which owns the Tropicana Casino Resort brand, have approved a US$2.8bn (£1.5bn, 2.2bn euro) offer from Columbia Entertainment, the gaming arm of Columbia Sussex.
Aztar shareholders would receive US$54 (£29, 43 euro) per share and under the agreement, Columbia Entertainment’s subsidiary, WT-Columbia Development, would merge “with and into Aztar, with Aztar being the surviving corporation and becoming an indirect subsidiary of Columbia Entertainment”.
It is anticipated that the deal will close by the end of the year and Columbia Sussex must pay almost an extra cent per share for every day after 19 November if the acquisition doesn’t close by that date.
The deal is still subject to regulatory closing conditions, including the receipt of necessary gaming approvals. Details: www.aztar.com
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