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Group withdraws Riviera Holding candidates list15 May 2007LAS VEGAS, Nevada -- (PRESS RELEASE) -- Riviera Holdings Corporation (Amex: RIV) announced today that it has received a letter from the group led by Flag Luxury Riv, LLC withdrawing its nomination of five candidates for election as directors. The Company will proceed as planned with its annual meeting to re-elect the five incumbent nominees scheduled for tomorrow, May 15, 2007. William L. Westerman, Chairman and Chief Executive Officer of Riviera said, "Riviera's Board of Directors is committed to maximizing value for stockholders. We believe it is in the best interests of all stockholders that the investor group has withdrawn its costly and disruptive proxy fight. The Board is committed to working with its financial advisor, Jefferies and Company, to evaluate all strategic alternatives, including a sale of the Company." The withdrawal letter stated, in part, that the dissident group was withdrawing its nominees in light of the Board's previously announced decision that it had initiated a process of considering strategic alternatives for the Company. The Company had previously announced last week the receipt of a $30 per share cash offer to acquire the Company, though a merger, from a group led by Ian Bruce Eichner. |