updated 2/26/2007 9:22:25 AM ET 2007-02-26T14:22:25

Casino-owner Station Casinos Inc. on Monday said it agreed to be acquired by Fertitta Colony Partners LLC for $90 per share, or about $5.4 billion.

Fertitta will also assume $3.4 billion in Station Casino's debt.

Fertitta Colony Partners is a new company formed by two Station Casinos executives, Chairman and Chief Executive Frank J. Fertitta III and Vice Chairman and President of Lorenzo J. Fertitta, and Colony Capital Acquisitions LLC, part of Colony Capital LLC.

The deal reflects a revised offer, which came after an initial bid Dec. 4 for $82 a share.

Station can solicit acquisition proposals from third parties for 30 days after the agreement.

Station also said it will pay shareholders its regular quarterly dividend of about 29 cents until the deal closes.

Shares closed at $83.30 Friday on the New York Stock Exchange.

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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