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Riviera Holdings Receives $262M Buyout Offer

LAS VEGAS-The $21-per-share offer comes from real estate developer Ian Bruce Eichner and the D. E. Shaw group, which is already a major shareholder. Two smaller bids earlier this year for the casino operator went nowhere.

By Brian K. Miller | Updated on November 14, 2006

LAS VEGAS-Casino operator Riviera Holdings Corp. said Tuesday it has received an offer to acquire all of its outstanding stock for $21 per share, or about $262 million. The would be buyer is a partnership of real estate developer Ian Bruce Eichner and the D.E. Shaw group, which is already a major shareholder of Riviera.

The offer is higher than two offers earlier this year and represents a 3.5% premium to the company’s closing share price on Friday. In noontime trading Tuesday, shares of Riviera were trading at $21.73, up $0.59 (2.73%) on the day.

Riviera, owner of the Riviera Hotel and Casino on the Las Vegas Strip and the Riviera Black Hawk Casino in Black Hawk, CO, says it entered into a 30-day exclusive negotiating agreement with Eichner and the D.E. Shaw group that became effective Nov. 13.

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