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Ameristar Casinos, Inc. Investor files Lawsuit to Halt Takeover
A lawsuit was filed for investors who hold shares of Ameristar Casinos, Inc. in effort to stop the proposed takeover and other NASDAQ-ASCA stockholders should contact the Shareholders Foundation.
Investors who purchased shares of Ameristar Casinos, Inc. prior to December 21, 2012, and currently hold any of those NASDAQ-ASCA shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ-ASCA stockholders by agreeing to sell the company too cheaply via an unfair process.
On December 21, 2012, Pinnacle Entertainment, Inc. and Ameristar Casinos, Inc. (Nasdaq GS: ASCA) announced that the companies have entered into an agreement under which Pinnacle Entertainment will acquire all of the outstanding common shares of Ameristar Casinos for $26.50 per share in cash, for a total enterprise value of $2.8 billion, including debt of $1.9 billion and cash on hand of $116 million as of September 30, 2012.
However, the plaintiff alleges that the $26.50-offer is too low and unfair to NASDAQ-ASCA stockholders. Indeed, at least one analyst has set the high target price for shares of Ameristar Casinos, Inc. at $33.00 per share.
Those who are current investors in Ameristar Casinos, Inc. , have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.