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Article: Aztar board leans to Pinnacle: It rejected Columbia Entertainment's all-cash bid. The 2 casino firms updated an earlier merger deal.
- Article from:
- The Philadelphia Inquirer (Philadelphia, PA)
- Article date:
- May 6, 2006
CopyrightCOPYRIGHT 2006 The Philadelphia Inquirer. 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: Suzette Parmley
May 6--The board of Aztar Corp., owner of the Tropicana casinos in Atlantic City and Las Vegas, last night snubbed an all-cash offer of $50 a share by a privately held firm. Instead, Phoenix-based Aztar amended its merger agreement with Pinnacle Entertainment Inc., reflecting a higher cash-and-stock bid of $51. Pinnacle had raised its offer Thursday to $51 a share, consisting of $47 in cash and $4 in Pinnacle stock. After initially calling a $1.9 billion offer from Columbia Entertainment, the gambling affiliate of Columbia Sussex Corp., of Fort Mitchell, Ky., "superior" yesterday morning, Aztar's board changed its position to ...
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