Hearing clears way for Riviera to move forward with strategic process

By Lisa Kerner

Charlotte, N.C., Aug. 13 -Riviera Holdings Corp. can negotiate with Riv Acquisition Holdings Inc. regarding its $34-per-share proposed merger, Riviera said after clearing a legal challenge.

A judge in a hearing Aug. 10 determined that Riv Acquisition did not violate the Nevada Business Combination Law Statute. The litigation involved Riviera Holdings Corp., Riv Acquisition Holdings Inc. and related parties.

While the final terms of the decision are subject to a court order still to be finalized, Riviera said it will contact Riv Acquisition and other interested bidders to "expeditiously" proceed with its strategic review process, according to a form 8-K filing with the Securities and Exchange Commission.

On Aug. 3 Riviera said the litigation had put the company's strategic process on hold. In addition, Riviera had not had discussions with any potential acquirers as a result of "the recent interest rate environment."

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. Riv Acquisition Holdings is an investor group.

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