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LAS VEGAS-Representing union pension funds that hold 2.7 millionshares of Station Casinos Inc., CtW Investment Group has asked aspecial committee of the casino operator to reject a $4.7-billionmanagement-led buy-out it says "significantly" undervalues thecompany.
The committee is considering an $82-per-share office from agroup that includes Station chief executive Frank Fertitta and LosAngeles-based real estate investment firm Colony Capital, LLC. CtWcould not be reached Thursday for comment. Citing Station'svaluable real estate holdings and tribal and commercial managementcontract, CtW estimates in its letter that the fair value of thecompany is closer $97 a share.
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