Station Casinos Accepts Buyout
Updated from Feb. 25.
Station Casinos (STN) has accepted a private buyout offer from a group led by its founding family and real estate company Colony Capital.
The Las Vegas-based company, which operates casinos catering to that city's residents, first received an $82-a-share offer from the group back in December but has since remained silent about it.
Monday morning, Station confirmed it would accept a $90-a-share offer worth approximately $8.8 billion, including the assumption and repayment of some $3.4 billion in debt. The transaction is expected to be completed in approximately six to nine months, subject to regulatory approvals and customary closing conditions.The acquiring group includes Station chairman and CEO Frank Fertitta, Station vice-chair and president Lorenzo Fertitta and Colony Capital. Affiliates of Deutsche Bank as lead lender and JPMorgan Chase Bank have provided debt financing commitments. Station's shares were up 5% to $87.50 in pre-market trading.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV