Columbia Aztar deal edges closer
Laptop Battery The merger of Aztar Corporation and Columbia Entertainment seems
to be progressing well with Columbia issuing a positive statement
regarding the reception of their offer.
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Thinkpad Columbia Entertainment issued the following statement regarding
the announcement by Aztar Corporation that its Board of Directors
has determined that Columbia's $54 per share all-cash offer for all
outstanding Aztar shares, with commensurate payments to holders of
Aztar's Series B preferred stock, is superior to Aztar's previously
announced merger agreement with Pinnacle Entertainment:
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Microsoft Columbia Entertainment's fully financed offer exceeds the value
of Aztar's agreement to be acquired by Pinnacle for $47.00 per
share in cash and Pinnacle shares that it values at $4.00 per
share. Columbia Entertainment's definitive offer includes a fully
executed merger agreement backed by a firm commitment from Credit
Suisse to provide $2.97 billion in debt financing.
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Laptop Computers "We are pleased that the Aztar Board has recognized the superior
value in our $54 per share all-cash, fully financed offer," said
William J. Yung III, President and CEO of Columbia Sussex. "We have
a strong acquisition track record, having successfully closed 36
transactions in the last five years, including seven gaming
acquisitions, and we are confident in our ability to obtain all
necessary approvals to close this acquisition in a timely fashion.
Columbia is a proven operator, and we see tremendous value in these
assets, which complement our strong portfolio of gaming and branded
hotel properties."
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Laptop Computer To underscore its confidence in its ability to close the
transaction, Columbia has made a deposit of $313 million, payable
to Aztar in certain circumstances (including failure to obtain
regulatory approval), if a merger agreement is terminated. In
addition, Columbia has agreed to increase the purchase price at a
rate of $0.00888 per day per Aztar common share beginning six
months from the signing of a merger agreement if closing is delayed
because all required regulatory approvals have not been received by
that date. The additional daily payment would increase to $0.01184
per Aztar common share nine months after signing of a merger
agreement if the transaction has not closed by that date.
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Desktop Computer Columbia obtained its first gaming license in 1990 and has been
licensed and re-licensed numerous times in Nevada, Louisiana and
Mississippi. If a merger agreement is executed, Columbia will seek
and expects to receive gaming licenses in New Jersey and Indiana.
It will work with Aztar to divest the Casino Aztar riverboat casino
in Caruthersville, MO prior to closing the transaction.
Notebooks Banc of America Securities is acting as financial advisor to
Columbia Entertainment, and Credit Suisse is providing the debt
financing. Katz, Teller, Brant & Hild and Milbank, Tweed,
Hadley & McCloy LLP are acting as legal advisors.
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