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Station Casinos accepts $5.5 bln offer - report

Sun Feb 25, 2007 5:32pm EST

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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.

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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.

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