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Monday, September 25, 2006

Desert Rock Enterprises Discloses 7% Stake in Riviera Holdings (RIV)

From 13D Tracker

In a 13D filing after the close Friday on Riviera Holdings Corp. (AMEX: RIV) Desert Rock Enterprises LLC and related parties disclosed a 7% stake (879K shares) in the Company.
The principal business of Desert Rock is that of a limited liability company, currently focusing on the acquisition and development of real estate.

The firm said it acquired the shares for investment purposes. The firm also said they may consider from time to time various strategic alternatives, which may include, among other things, (i) the acquisition of additional shares of Common Stock or other securities of the Issuer through open market purchases or otherwise, (ii) the sale of any number of shares of Common Stock or other securities of the Issuer through the open market or otherwise, (iii) extraordinary corporate transactions, (iv) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries, or (v) any other of the matters described in clauses (a) through (j) of Item 4 of Schedule 13D.

Riviera Holdings recently terminated its consideration of the takeover proposal from International Gaming & Entertainment, LLC, saying the firm did not respond to its requests for information.

In August, International Gaming & Entertainment offered to acquire Riviera Holdings for $20 per share, topping a $17 offer from Riv Acquisition Holdings.Shares of Riviera Holdings closed at $20.31 Friday.

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