Aztar Announces Timing of Closing of Columbia Entertainment Merger
30 November 2006 - 12:35AM
PR Newswire (US)
PHOENIX, Nov. 29 /PRNewswire-FirstCall/ -- Aztar Corporation
(NYSE:AZR) today announced that the company anticipates that its
merger with Wimar Tahoe Corporation d/b/a Columbia Entertainment,
the gaming affiliate of Columbia Sussex Corporation, will close in
early January 2007. Under the merger agreement, Columbia
Entertainment will acquire all of the outstanding shares of common
stock of Aztar for $54.00 per share in cash plus $0.00888 per share
per day beginning on November 20, 2006 through the closing date of
the merger. In the merger, WT-Columbia Development, Inc., an
indirect wholly owned subsidiary of Columbia Entertainment, will
merge with and into Aztar, with Aztar being the surviving
corporation and becoming an indirect subsidiary of Columbia
Entertainment. About Aztar Corporation Aztar is a publicly traded
company that operates Tropicana Casino and Resort in Atlantic City,
New Jersey, Tropicana Resort and Casino in Las Vegas, Nevada,
Ramada Express Hotel and Casino in Laughlin, Nevada, Casino Aztar
in Caruthersville, Missouri, and Casino Aztar in Evansville,
Indiana. Forward-Looking Statements This press release includes
statements that do not directly or exclusively relate to historical
facts. Such statements are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements, including statements regarding
Columbia Entertainment's pending acquisition of Aztar, are based on
current expectations of management of Aztar and are subject to
risks, uncertainties and changes in circumstances that could
significantly affect future results. Accordingly, Aztar cautions
that the forward-looking statements contained herein are qualified
by important factors that could cause actual results to differ
materially from those reflected by such statements. Such factors
include, but are not limited to: (a) the risk that conditions to
the closing of the transaction could be delayed or may not be
satisfied or the merger agreement with Columbia Entertainment may
be terminated prior to closing, and (b) other risks, including
those as may be detailed from time to time in Aztar's filings with
the Securities and Exchange Commission (the "SEC"). For more
information on the potential factors that could affect Aztar's
financial results and business, review Aztar's filings with the
SEC, including its Annual Report on Form 10-K, its Quarterly
Reports on Form 10-Q and its Current Reports on Form 8-K. Contact:
Joe Cole Aztar Corporation 602-381-4111 DATASOURCE: Aztar
Corporation CONTACT: Joe Cole of Aztar Corporation, +1-602-381-4111
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