Boyd Gaming Responds to Letter From Station Casinos
MARCH 9, 2009 Boyd Gaming Corporation (NYSE: BYD) issued the following statement in response to a letter received from Station Casinos, Inc. ("Station"):
"To date, Station has not engaged Boyd Gaming in any discussion regarding the Company's proposal, nor has it provided any information that would enable Boyd Gaming to consider submitting a binding proposal. The Company understands Station's concern of sharing sensitive information and is prepared to work with Station to employ standard and customary due diligence methods to minimize this risk.
"Despite Station's letter, Boyd Gaming remains committed to pursuing a transaction to acquire some or all of the assets of Station, and is prepared to work with Station in a timely fashion to prepare a formal proposal.
"Boyd Gaming reiterates that it has sufficient liquidity under its credit facility to finance a cash transaction, and contemplates that no amendment to its credit facility would be required under the proposed transaction structure. Boyd Gaming further believes that the necessary regulatory and governmental approvals could be obtained in a timely manner.
"Boyd Gaming continues to believe the proposal outlined in its February 23, 2009 letter offers a superior recovery to creditors when compared to the current restructuring offer Station has proposed."
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