Station Casinos Inc., which owns and operates casinos mainly in the Las Vegas area has accepted a revised $5.5 billion buyout proposition.
The company's founding family and a unit of the real estate firm Colony Capital LLC made a $90 a share offer following an initial bid made December 4, for $82 a share.
After that initial offer the company's share price jumped, closing Friday at $83.30. Some shareholders sued shortly after the first offer was announced, saying the bid was too low.
Station's board voted on Saturday to enter into a definitive agreement with Fertitta Colony, which will acquire the company and take it private. Colony already has casino holdings, including Accor Casinos, the Atlantic City Hilton, the Las Vegas Hilton, Kerzner International and Resorts Atlantic City.
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