MoFo Advises Pinnacle On $2.8B Ameristar Casinos Buy

Law360, New York (December 21, 2012, 1:52 PM EST) -- Las Vegas-based casino operator Pinnacle Entertainment Inc. has agreed to acquire competitor Ameristar Casinos Inc. in a stock deal that includes the assumption of Ameristar debt and is valued at $2.8 billion, the companies announced Friday.

Pinnacle said it would acquire the outstanding common shares of Ameristar for $26.50 per share in cash, a 20 percent premium over Ameristar's closing price of $22.07 on the NASDAQ Stock Exchange on Thursday. The stock offer is also a 45 percent premium over the 90-day weighted average of Ameristar...
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