Ameristar Casinos, Inc. (NASDAQ:ASCA) Investor Investigation Of Takeover By Pinnacle Entertainment, Inc

If you purchased shares of Ameristar Casinos, Inc. (NASDAQ:ASCA) prior to December 21, 2012, and currently hold any of those NASDAQ:ASCA shares, you have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Ameristar Casinos
Affected Securities: 

Dec. 21, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in Ameristar Casinos, Inc. (NASDAQ:ASCA) shares was announced concerning whether the offer by Pinnacle Entertainment, Inc Incorporated to acquire Ameristar Casinos, Inc. for $26.50 per NASDAQ:ASCA share and the takeover process are unfair to investors in NASDAQ:ASCA shares.

The investigation by a law firm concerns whether certain officers and directors of Ameristar Casinos breached their fiduciary duties owed to NASDAQ:ASCA investors in connection with the proposed acquisition.

On December 21, 2012, Pinnacle Entertainment, Inc. (NYSE: PNK) 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, at least one analyst has set the high target price for shares of Ameristar Casinos, Inc. (NASDAQ:ASCA) at $33.00 per share. Therefore the investigation a law firm concerns whether the proposed transaction is unfair to NASDAQ:ASCA stockholders. Specifically, the investigation focuses on whether the Ameristar Casinos Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.