Monday, the Las Vegas, Nevada-based multi jurisdictional gaming company Boyd Gaming Corp. (BYD), responding to a letter from Station Casinos, Inc., said it is remains committed in pursuing a transaction to acquire some or all of the assets of Station. Boyd said that Station Casino to date did not hold talks on the proposal, and has also not provided any information to Boyd to enable submission of a proposal to acquire Station Casino. The company said it was prepared to work with Station Casino to employ standard and customary due diligence methods to minimize risk.
The company reiterated that it has sufficient liquidity under its credit facility to finance a cash deal, and contemplated no amendment to its credit facility under the proposed transaction structure.
The company also highlighted that the proposal outlined in its February 23, 2009 letter offers a superior recovery to creditors when compared to the current restructuring offer Station Casino has proposed.
BYD is currently trading at $3.14, up $0.04 or 1.29%, with a 52-week range of $2.81 to $21.65 on the NYSE.
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