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Article: Pinnacle wows investors.
- Article from:
- Las Vegas Review-Journal (Las Vegas, NV)
- Article date:
- May 3, 2006
CopyrightCOPYRIGHT 2006 Las Vegas Review-Journal. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Howard Stutz
May 3--Regional casino operator Pinnacle Entertainment impressed Wall Street on Tuesday with double-digit financial results in the first quarter of 2006.
But the Las Vegas-based company's real prize may be slipping away.
Before its quarterly earnings announcement, Pinnacle found out that its quest to buy Tropicana parent Aztar Corp. had been officially topped by rival Columbia Sussex. Late Monday night, Aztar triggered a 72-hour clause in its merger agreement with Pinnacle, announcing that an all-cash offer of $50 a share from Columbia was a superior proposal to Pinnacle's.
Aztar and Pinnacle now have until ...