Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Ameristar Casinos, Inc. (“Ameristar”) (NasdaqGS: ASCA) to Pinnacle Entertainment, Inc. for shareholders. Under the terms of the proposed deal with a total enterprise value of approximately $2.8 billion including debt, Ameristar shareholders will only receive $26.50 for each share of Ameristar stock owned, well below at least one analyst’s estimated value of $33.00 per share.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Zach Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The Ameristar sale investigation centers on whether Ameristar’s shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Ameristar’s stock, and whether Ameristar’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to at least one analyst with Yahoo! Finance, the true inherent value of the Ameristar shares could be as high as $33.00 per share. Shareholder rights attorney Willie Briscoe noted that “due to the proposed sale price, the size of the deal and other factors, we are concerned that this transaction may undervalue Ameristar’s stock. As such, our lawsuit will seek to obtain the highest share price for all shareholders.”
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.