Casino operator Station Casinos Inc. yesterday received a $4.7 billion buyout offer from a private equity group. Station's president and chief executive officer are also a part of the group.
Frank J. Fertitta III, Station's CEO and Lorenzo Fertitta, Station's president, in association with an affiliate of Colony Capital, a private real estate investment firm with casino holdings including Resorts Atlantic City, the Atlantic City Hilton, and the Las Vegas Hilton, have made an $82 a share in cash to Station Inc.
The group received further financing commitments from Deutsche Bank Trust Co. Americas and German American Capital Corp.
Station has announced it has formed a dedicated committee of independent directors to examine the offer and also to review other buyout offers that the company may accept.
The Fertitta brothers, along with casino operators Blake and Delise Sartini, hold a 27 percent stake in Station Inc. Frank and Lorenzo Fertitta founded the company in 1976 and took the company public in 1993.
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