S&P: Riviera Holdings on developing watch

Standard & Poor's said it placed its ratings on Riviera Holdings Corp., including its B corporate credit rating, on CreditWatch with developing implications.

The agency said that the CreditWatch listing reflects Riviera's announcement that it had received a nonbinding proposal from real estate developer Ian Bruce Eichner and the D. E. Shaw group, on behalf of an entity to be formed by them, to acquire all of the outstanding shares of Riviera at a cash price of $21.00 per share, or about $475 million including the assumption of debt.

Their proposal is conditioned upon satisfactory completion of due diligence, negotiation of definitive transaction documents and receipt of necessary board, stockholder, third party and regulatory approvals, S&P added.

Following receipt of the proposal, Riviera entered into a 30-day exclusive negotiating agreement with Eichner and a member of the D. E. Shaw group, effective Nov. 13, the agency said.

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