Aztar Announces Timing of Closing of Columbia Entertainment Merger
PHOENIX, AZ, November 30, 2006. Aztar Corporation (NYSE: AZR) today announced that the company anticipates that its merger with Wimar Tahoe Corporation d/b/a Columbia Entertainment, the gaming affiliate of Columbia Sussex Corporation, will close in early January 2007. Under the merger agreement, Columbia Entertainment will acquire all of the outstanding shares of common stock of Aztar for $54.00 per share in cash plus $0.00888 per share per day beginning on November 20, 2006 through the closing date of the merger. In the merger, WT-Columbia Development, Inc., an indirect wholly owned subsidiary of Columbia Entertainment, will merge with and into Aztar, with Aztar being the surviving corporation and becoming an indirect subsidiary of Columbia Entertainment.
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