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LAS VEGAS-Representing union pension funds that hold 2.7 million shares of Station Casinos Inc., CtW Investment Group has asked a special committee of the casino operator to reject a $4.7-billion management-led buy-out it says “significantly” undervalues the company.

The committee is considering an $82-per-share office from a group that includes Station chief executive Frank Fertitta and Los Angeles-based real estate investment firm Colony Capital, LLC. CtW could not be reached Thursday for comment. Citing Station’s valuable real estate holdings and tribal and commercial management contract, CtW estimates in its letter that the fair value of the company is closer $97 a share.

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