PARIS— Accor Casinos, in cooperation with Colony Capital, a U.S.-based investment fund, is launching a friendly bid to purchase all outstanding shares of Compagnie Européenne de Casinos at a price of 52 euros (US$42) per share, with the objective of creating a leading casino group in the European market. The partnership will be materialized through Colony Capital’s acquisition of a 50% stake in Accor Casinos, with Accor remaining the industrial operator. The share price represents a premium of 36% over the average share price of the past three months. Based on the acquisition of 100% of all outstanding shares, convertible securities and warrants, the bid is valued at 258 million euros (US$233.3). On December 14, 2001 Accor Casinos acquired, from the founders of Compagnie Européenne de Casinos and other investors, at a price of 52 euros per share (US$42), several blocks of shares representing 23.4% of share capital, as well as commitments to tender an additional 16.6%. The merging of Compagnie Européenne de Casinos (22 establishments) with Accor Casinos (16 establishments) will create the leading French casino group. This marks a significant step in the process of concentration within the sector, which is growing strongly in Europe