December 6, 2006

Fertitta Colony Partners LLC submits bid in a deal with a total enterprise value of approximately $9 billion.

On December 4, Station Casinos, Inc. announced that its Board of Directors received a bid from Fertitta Colony Partners LLC proposing to acquire all of the company's outstanding common stock for $82 per share in cash.    Fertitta Colony Partners LLC is a new company formed by Frank J. Fertitta III, Chairman and Chief Executive Officer of Station, Lorenzo J. Fertitta, Vice Chairman and President of Station, and Colony Capital Acquisitions, LLC, an affiliate of Willkie client Colony Capital, LLC.  The transaction puts an enterprise value of approximately $9 billion on Station and an equity value of $4.8 billion.  A Special Committee of independent directors has been charged with reviewing the bid.  With 13 properties and over 10,000 employees, Station is the leading provider of gaming and entertainment to the residents of Las Vegas, Nevada.  Colony Capital is a private, international investment firm focusing primarily on real estate-related assets, securities and operating companies.  The firm has invested approximately $20 billion in over 8,000 assets through various corporate, portfolio and complex property transactions.   The Willkie team advising Colony Capital includes partners Thomas Cerabino and Richard Reinhold; and associates Adam Turteltaub, Daniel Backer, Jeffery Fang, Alycia Green, Lior Hendler, Thomas Henry, Danielle Sheer and Kelly Sutherland.   

Related Practice Areas