Colony Capital, Frank Fertitta, and Lorenzo Fertitta have made an $5.4 billion takeover bid for Station Casinos, which accepted today.
The private equity purchase includes 12 casinos in Las Vegas and as much as $1 billion of undeveloped land.
The Fertittas are also Station Casinos' management, with Frank the founder and CEO and Lorenzo the president.
Like the recent purchase of Harrah's (for $17.1 billion), taking a company private enables expansion without having to answer to public investors.
The Fertittas and Colony Capital are offering $90 a share and will assume $3.4 billion in debt.
