Search
 

Aztar-Columbia Merger To Close in January

LAS VEGAS-Per the agreement, the $54-per-share sale price has been rising by just under a penny a day since Nov. 20 and will continue to rise at that pace until the deal closes.

By Brian K. Miller | Updated on November 29, 2006

LAS VEGAS-Officials of Aztar Corp., the Phoenix-based owner of the Tropicana Casino resort here, said late Wednesday that they expect the merger with the gaming affiliate of Fort Mitchell, KY-based Columbia Sussex Corp. to close in early January 2007. The deal was first announced in May.The merger agreement calls for Columbia Entertainment to pay a base price of $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 will become a wholly-owned indirect subsidiary of Columbia Entertainment. The total deal value is estimated at about $2.65 billion.

Per the agreement, the per-share price has been on the rise by just under a penny a day since Nov. 20. If the deal closes in mid-January, the price will have increased by approximately $0.50 per share, which translates to about $18 million.

Aztar’s prize possessions are its Tropicana resorts in Las Vegas and Atlantic City. The 34-acre Tropicana resort in Las Vegas is viewed as one of the last big redevelopment opportunities on the Strip. The property is located at Las Vegas Boulevard and Tropicana Avenue. The aging resort is surrounded by the MGM Grand, Excalibur, Luxor, Monte Carlo and New York-New York mega-resorts.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.