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Pinnacle Entertainment and Ameristar Casinos announced today that the companies have entered into a definitive agreement under which Pinnacle will acquire
Ameristar at a value of $2.8 billion, including debt of $1.9 billion.
The buy-out represents a 45% over the average closing price of Ameristar common stock for the 90 days ending December 20, 2012.
The transaction has received the unanimous approval of both the Ameristar and Pinnacle Boards of Directors.
Pinnacle will benefit from increased operational and geographic diversity by more than doubling in size to 17 operating properties in 13 distinct geographies. The acquisition of
Ameristar’s properties will complement Pinnacle’s existing portfolio by adding eight casino-resorts in some of the nation’s best gaming markets, including: St. Charles near St. Louis, MO;
Kansas City, MO; Council Bluffs, IA; Black Hawk, CO; Vicksburg, MS; East Chicago, IN; and Jackpot, NV.
SOURCE
Ameristar at a value of $2.8 billion, including debt of $1.9 billion.
The buy-out represents a 45% over the average closing price of Ameristar common stock for the 90 days ending December 20, 2012.
The transaction has received the unanimous approval of both the Ameristar and Pinnacle Boards of Directors.
Pinnacle will benefit from increased operational and geographic diversity by more than doubling in size to 17 operating properties in 13 distinct geographies. The acquisition of
Ameristar’s properties will complement Pinnacle’s existing portfolio by adding eight casino-resorts in some of the nation’s best gaming markets, including: St. Charles near St. Louis, MO;
Kansas City, MO; Council Bluffs, IA; Black Hawk, CO; Vicksburg, MS; East Chicago, IN; and Jackpot, NV.
SOURCE