The existing takeover agreement, signed in April, is for $17 pershare, or about $211.5 million. The competing offer is for $20 pershare, or about $248.6 million, and is not contingent uponfinancing. The competing offer represents a slight premium overRiviera's closing share price on Monday of $19.72. Riviera says itis reviewing the proposal and has rescheduled its shareholder voteon the $17 offer for Aug. 29.

The competing offer for the company comes from InternationalGaming & Entertainment LLC, a special-purpose affiliate of BTEnterprises LLC, a Boston based merchant equity fund. Theprincipals of IG&E include Jeffrey Wu, Michael Signorelli andBagus Tjahjono. Wu is the majority shareholder and a director ofUnited International Bank in New York.

The current merger agreement is with Riv Acquisition HoldingsInc., Riv is a private investment group is led by Chicago developerand casino investor Neil Bluhm; Barry Sternlicht, chief executiveof Starwood Capital Group; Las Vegas-based real estate developerBrett Torino; and Paul C. Kanavos and Robert Sillerman of FlagLuxury Properties LLC.