Riviera Holdings: Riv Acquisition formalizes acquisition request

By Lisa Kerner

Charlotte, N.C., June 11 - Riv Acquisition Holdings Inc. submitted a preliminary, non-binding indication of interest to acquire all of the issued and outstanding stock of Riviera Holdings Corp. as requested by the company on June 4.

The investors proposed acquiring all of the issued and outstanding stock of Riviera for $34 per share in cash in a deal valued at $423,767,670, according to a schedule 13D filing with the Securities and Exchange Commission.

Riv Acquisition said it is willing to redeem the $215 million principal amount of Riviera's senior secured notes if necessary and replace its $30 million revolving credit line.

The investor group includes Paul C. Kanavos and Robert Sillerman, the managing members of New York-based Flag Luxury Properties, LLC; Las Vegas developer Brett Torino and Starwood Capital Group chairman and chief executive officer Barry Sternlicht.

Las Vegas-based Riviera owns and operates the Riviera Hotel and Casino in Las Vegas and the Riviera Black Hawk Casino in Black Hawk, Colo.

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