Casino operator Pinnacle Entertainment Inc will acquire Ameristar Casinos Inc for about $869 million to expand mainly in the U.S. Midwest and South.Pinnacle said it would pay $26.50 per share in cash, representing a premium of 20 percent over Ameristar Casinos' closing price on Thursday. ()Ameristar shares were trading slightly above the offer price in pre-market trading on the Nasdaq on Friday.The total value of the deal is $2.8 billion including debt of $1.9 billion and cash on hand of $116 million, Pinnacle said.
Ameristar Casinos, Inc.(Ameristar) is a developer, owner and operator of casino entertainment facilities. Shares of ASCA remained unchanged at $22.07. In the past year, the shares have traded as low as $15.04 and as high as $23.47. On average, 303855 shares of ASCA exchange hands on a given day and today's volume is recorded at 2095.
Pinnacle Entertainment, Inc. (Pinnacle) is an owner, operator and developer of casinos and related hospitality and entertainment facilities. Shares of PNK remained unchanged at $13.35. In the past year, the shares have traded as low as $8.89 and as high as $13.73. On average, 574192 shares of PNK exchange hands on a given day and today's volume is recorded at 0.
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