This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Acquisition Of Ameristar Casinos, Inc. By Pinnacle Entertainment, Inc. May Not Be In Ameristar Casinos Shareholders' Best Interests

SAN DIEGO and LAS VEGAS, Dec. 21, 2012 /PRNewswire/ -- Shareholder rights attorneys at Robbins Umeda LLP are investigating possible breaches of fiduciary duty and other violations of the law by members of the board of directors of Ameristar Casinos, Inc. (NASDAQ: ASCA) in connection with their efforts to sell the company to Pinnacle Entertainment, Inc. (NYSE: PNK).

(Logo: http://photos.prnewswire.com/prnh/20111014/ROBBINSUMEDALOGO)

On December 21, 2012, Ameristar Casinos and Pinnacle Entertainment announced they had entered into a definitive merger agreement under which Pinnacle Entertainment will acquire Ameristar Casinos through an all cash offer.  Ameristar Casinos shareholders will receive $26.50 per share.  The transaction is expected to close in the third quarter of 2013.

The Board of Directors' Actions May Prevent Ameristar Casinos Shareholders from Receiving the Maximum Value for Their Stock

Robbins Umeda LLP's investigation focuses on whether the board of directors at Ameristar Casinos is undertaking a fair process to obtain maximum value and adequately compensate its shareholders. The $26.50 per share offer price is substantially below the $31 target price maintained by an analyst at Knight Equity Research, and the $29 price set by an analyst at Imperial Capital.  Further, on October 31, 2012, Ameristar Casinos announced that the company's third quarter of 2012 "was one of Ameristar's most profitable ever."  Given, these facts, the firm is examining whether the board of directors' decision to sell Ameristar Casinos for $26.50 per share is fair to shareholders and maximizes the value for their shares. 

Ameristar Casinos shareholders have the option to file a class action lawsuit against the company to secure the best possible price for shareholders and the disclosure of material information so shareholders can vote on the transaction in an informed manner.  If you own Ameristar Casinos stock and are interested in information about your rights and potential remedies, contact Darnell R. Donahue at (800) 350-6003, ddonahue@robbinsumeda.com, or via the shareholder information form on the firm's website.

Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law.  The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.  For more information, please go to http://www.robbinsumeda.com.

Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/ameristar-casinos-inc/

Attorney Advertising. Past results do not guarantee a similar outcome.  

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs