Los Angeles – Station Casinos Inc., the owner of 12 Las Vegas-area casinos, said Monday its management has offered to take the company private for $4.7 billion, the industry’s second-biggest takeover proposal this year.
Chairman Frank Fertitta III and his brother Lorenzo Fertitta, who is president, joined with Los Angeles-based buyout firm Colony Capital LLC to bid $82 a share, 19 percent higher than its closing price Dec. 1, Station said in a statement.
In buying Station, with properties such as the Palace Station Hotel & Casino that cater to Las Vegas residents, the Fertittas are taking advantage of share prices that have been depressed by investors’ concerns that the number of local casinos has outpaced demand, said Frank Fantini, publisher of the Gaming Morning Report, an industry newsletter.
Shares of Station jumped 23 percent to $84.90 on the New York Stock Exchange.
