LAS VEGAS — Shares in casino operator Riviera Holdings Corp. continued higher Tuesday after it announced it had received a $262.5-million takeover offer from real estate developer Ian Bruce Eichner and the D.E. Shaw Group.
Shares rose 60 cents to $21.74. The price was above the $21 a share proposal announced Monday, suggesting the market expects a final bid to be higher.
Over the last year, the stock has ranged from $13.30 to $25.35.
Eichner, who also is developing the $2.4-billion casino resort, the Cosmopolitan, on the Las Vegas Strip south of the Bellagio, said the offer was firm.
"The market believes whatever it believes," he said. "We made a full and fair offer for the company."
Eichner owns 600,000, or 4.8%, of all outstanding Riviera shares, while D.E. Shaw controls 1.2 million shares, or 9.8%. The offer would need the approval of holders of 60% of the company's stock.