Aztar (NYSE:AZR)
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Columbia Entertainment, the gaming affiliate of Columbia
Sussex Corporation, and Aztar Corporation (NYSE: AZR) today announced
that the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 regarding Columbia Entertainment's proposed
acquisition of Aztar Corporation has expired.
As announced on May 19, 2006, Columbia Entertainment entered into
a definitive merger agreement with Aztar under which it will acquire
all of the outstanding common shares of Aztar for $54.00 per share in
cash. The transaction remains subject to customary closing conditions,
including the receipt of necessary gaming approvals, and is expected
to close by the end of the year.
About Columbia Sussex Corporation
Columbia Sussex Corporation and its Columbia Entertainment gaming
affiliate are among the largest privately held owners, developers and
operators of hotel properties and casinos in the world. Columbia
Sussex is the largest licensee of full-service Marriott Hotels in the
U.S., and the Company and its affiliates own a total of 82 hotels and
8 casinos with approximately 27,000 rooms, including Marriott, Hilton,
Westin, Sheraton, Renaissance and Doubletree branded properties across
the United States, Canada and the Caribbean. Founded in 1972, the
Company is led by William J. Yung III and owned by Mr. Yung and the
Yung family. Columbia Sussex Corporation and Columbia Entertainment
are headquartered in Fort Mitchell, Kentucky and have more than 18,000
employees worldwide.
About Aztar Corporation
Aztar is a publicly traded company that operates Tropicana Casino
and Resort in Atlantic City, New Jersey, Tropicana Resort and Casino
in Las Vegas, Nevada, Ramada Express Hotel and Casino in Laughlin,
Nevada, Casino Aztar in Caruthersville, Missouri, and Casino Aztar in
Evansville, Indiana.
Additional Information and Where to Find It
This release may be deemed to be solicitation material in respect
of the proposed merger of Aztar and Columbia Entertainment. In
connection with the proposed merger, Aztar plans to file a proxy
statement with the SEC. On July 14, 2006, Aztar filed a preliminary
proxy statement with the SEC. INVESTORS AND SECURITY HOLDERS OF AZTAR
ARE ADVISED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THOSE
DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
MERGER. The final proxy statement will be mailed to stockholders of
Aztar. Investors and security holders may obtain a free copy of the
proxy statement, when it becomes available, and other documents filed
by Aztar with the SEC, at the SEC's web site at http://www.sec.gov.
Free copies of the proxy statement, when it becomes available, and
Aztar's other filings with the SEC may also be obtained from Aztar.
Free copies of Aztar's filings may be obtained by directing a request
to Aztar Corporation, 2390 East Camelback Road, Suite 400, Phoenix,
Arizona 85016, Attention: Secretary.
Aztar, Columbia Entertainment and their respective directors,
executive officers and other members of their management and employees
may be deemed to be soliciting proxies from Aztar's stockholders in
favor of the proposed merger. Information regarding Aztar's directors
and executive officers is available in Aztar's proxy statement for its
2006 annual meeting of stockholders, which was filed with the SEC on
April 10, 2006. Additional information regarding the interests of such
potential participants will be included in the proxy statement and the
other relevant documents filed with the SEC when they become
available.