Riviera Holdings Corp. to be bought
Las Vegas hotel and casino operator Riviera Holdings Corp. today agreed to be bought by a group of private developers for about $211.5 million. The developers also will assume $215 million in Riviera debt. The developers, who formed Riv Acquisition Holdings Inc. to execute the purchase, will pay $17 a share, a premium of 13 percent to the stock's closing price on March 22, when the company first announced it was in talks with the group. At the time, the company had about 12.5 million shares outstanding.