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Ameristar Bids 1.5Billion for Tropicana Parent Company Aztar

By Chuckmonster on Monday, 3rd April 2006 7:47am
  » filed under Las Vegas  comments: 0

   

Ameristar Casinos Inc. on Monday said it offered about $1.5 billion in cash to acquire Aztar Corp., a Phoenix-based casino operator, trumping previous offers from Pinnacle Entertainment Inc. and Colony Capital LLC.

The Las Vegas-based casino company said it had offered $42 a share. That is $1 a share higher than the current top offer for Aztar.

In a sign investors expect the bidding will continue higher, Aztar shares rose $2.96, or 7.1 percent, to $44.95 in morning trading on the New York Stock Exchange. Ameristar Casinos shares were up a penny at $25.80 on the Nasdaq Stock Market.

Officials at Aztar were not immediately available for comment.

Aztar agreed in March to be bought out by Pinnacle for $38 per share in cash, and reportedly received a $41-per-share offer from real estate investment fund Colony Capital later that month.



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