Aztar Receives Offer From Pinnacle - Sunday 30th of April 2006
PHOENIX, Arizona – Aztar Corporation (NYSE: AZR) today announced that on April 27, 2006, its Board of Directors received an offer from Pinnacle Entertainment, Inc. to increase its purchase price to acquire Aztar to $48.00 per share of Aztar common stock, consisting of $45.00 in cash and $3.00 of Pinnacle common stock, subject to a collar. Pinnacle's offer will remain open until 5:00 p.m. (New York City time), April 28, 2006, and will automatically expire if not accepted by then. Aztar's Board will evaluate all aspects of the offer submitted by Pinnacle.
As previously announced, Aztar and Pinnacle are party to a merger agreement in which Pinnacle has agreed to acquire Aztar for a purchase price of $45.00 per share of Aztar common stock in cash.
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