Columbia Entertainment offers 1.69 billion for Aztar
Aztar owns an attractive lot on Las Vegas Strip
Aztar Corp. said it received a buyout offer of more than $1.69 billion from Columbia Entertainment. Aztar owns an attractive lot on Las Vegas Strip, occupied by the Tropicana Casino, and the Tropicana in Atlantic City, and has received offers from three other companies.
Columbia Entertainment is the gaming affiliate of Columbia Sussex Corp., which already owns casinos in Nevada, Missouri and Louisiana and 83 hotels under names like Marriott and Holiday Inn.
Initially, Aztar agreed to accept Pinnacle’s offer of $38 per share, but now it seems to its board that Columbia’s offer is better. The company has also received a final offer from Ameristar: $43 per common share in cash.
Aztar’s shares rose 4.4 % due to this new bid. The value of the shares has increased more than 52% since the first offer made by Pinnacle in March.
Aztar Corp. said it received a buyout offer of more than $1.69 billion from Columbia Entertainment. Aztar owns an attractive lot on Las Vegas Strip, occupied by the Tropicana Casino, and the Tropicana in Atlantic City, and has received offers from three other companies.