San Diego, CA -- (SBWIRE) -- 01/07/2013 -- An investor in shares of Ameristar Casinos, Inc. (NASDAQ:ASCA) filed a lawsuit against directors of Ameristar Casinos in effort to halt the takeover of Ameristar Casinos, Inc.by Pinnacle Entertainment, Inc Incorporated at $26.50 per NASDAQ:ASCA share
Investors who purchased shares of Ameristar Casinos, Inc. (NASDAQ:ASCA) prior to December 21, 2012, and currently hold any of those NASDAQ:ASCA shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.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. (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, 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. (NASDAQ:ASCA) at $33.00 per share.
Those who are current investors in Ameristar Casinos, Inc. (NASDAQ:ASCA), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego