Station Casinos’ board of directors yesterday rejected Boyd Gaming Corporation’s unsolicited $950 million offer for a majority of Station’s property assets.
Station Casinos, owner of 13 casino properties, cited their reasons of rejection were because of the “highly conditional nature” of Boyd Gaming’s offer, as well as the risks “in sharing sensitive and confidential information with a significant competitor.”
Station’s rejection came on the same day they announced they had reached agreements with most of its debt holders to extend a deadline to vote on their bankruptcy proposal. The agreement gives Station Casinos and their debt holders until April 10 to vote on the proposed debt swap and restructuring.
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