Station Casinos accepts $5.5 bln offer - report

NEW YORK Sun Feb 25, 2007 5:32pm EST

NEW YORK Feb 25 (Reuters) - Station Casinos Inc. (STN.N) has accepted a revised buyout offer valued at about $5.5 billion from a group that includes the company's founding family and real-estate firm Colony Capital LLC, according to The Wall Street Journal.

Station Casinos was not immediately available for comment.

Citing people close to the situation, the Journal said the Las Vegas-based casino company's board voted on Saturday to enter into a definitive agreement with Fertitta Colony Partners LLC, which will pay $90 per share in cash to acquire the company and take it private.

Station Casinos shares closed up 30 cents at $83.30 on Friday.

Station Casinos first received an $82 per share bid from the same group on Dec. 4, the newspaper said.