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Aztar Shareholders Approve $1.9B Merger

LAS VEGAS-Shareholders of the Phoenix-based owner of the Tropicana hotel-casino here sign off on the company's acquisition by a subsidiary of Kentucky-based Columbia-Sussex Corp.

By Brian K. Miller | Updated on October 17, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

LAS VEGAS-Aztar Corp. shareholders on Tuesday approved the company’s agreement to be acquired by Winmar Tahoe Corp. (dba Columbia Entertainment), the gaming subsidiary of Fort Mitchell, KY-based Columbia-Sussex Corp. Phoenix-based Aztar owns the Tropicana hotel-casino here and in Atlantic City as well as the Ramada Express Hotel and Casino in Laughlin, NV and Casino Aztar-branded properties in Evansville, IN, and Caruthersville, MO.

The May 2006 merger agreement calls for Columbia Entertainment to pay $54 per share for all of the outstanding shares of Aztar’s common stock, which totals about 36.49 million shares. Once completed, Aztar and its $675 million of long-term debt would become a wholly-owned indirect subsidiary of Columbia Entertainment.

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