S&P: Riviera Holdings still on developing watch

Standard & Poor's said that the ratings on Riviera Holdings Corp., including its B corporate credit rating, remain on CreditWatch with developing implications where they were placed on March 23, after the company's announcement that it had resumed previously initiated discussions with a certain investor group regarding its possible acquisition of Riviera.

According to the agency, Riviera subsequently entered into a definitive agreement with this investor group whereby all outstanding shares other than the shares held by Riviera's chief executive officer, William Westerman, would be acquired at a price of $17.00 per share in cash or $427 million, including the assumption of roughly $215 million in outstanding debt.

The agency added that Westerman had agreed to vote in favor of the acquisition and sell his shares to the investor group at $15.00 per share in cash.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.