LAS VEGAS- Stratosphere Corp. announced a proposed transaction that would turn the company private. The deal would merge Stratosphere with a newly formed subsidiary of American Real Estate Partners (AREP). Pursuant to the merger, shareholders of Stratosphere who are not affiliated with Carl Icahn will receive $45.32 per share. Mr. Icahns companies, other than AREP, will receive $44.33 per share. It is expected the transaction will close in early 2001.
Stratosphere also announced it will shortly acquire the ownership of the shopping center, which exists within the Stratosphere Hotel & Casino. The funds necessary to buy the shopping center and to construct the planned additions to the hotel site will initially be provided by AREP. (9/20/00)
