BUYOUT - unfair price - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
December 21, 2012
New York, New York -- Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating the acquisition of Ameristar Casinos on behalf of shareholders. Pinnacle Entertainment, Inc. (PNK) and Ameristar Casinos, Inc. (ASCA) announced today that the companies have entered into a definitive agreement under which Pinnacle will acquire all of the outstanding common shares of Ameristar for $26.50 per share.
The investigation concerns whether the board of directors of Ameristar breached their fiduciary duties by not engaging in a full and fair auction and sale process for the company while obtaining personal benefits for themselves to sell at this price. Indeed, analysts estimate that the true buyout value of the company is worth at least $33 per share.
If you are a shareholder and would like additional information concerning this matter, please contact us toll free at 877-772-3975