Ameristar Casinos' stockholders approve acquisition by Pinnacle - KPLC 7 News, Lake Charles, Louisiana

Ameristar Casinos' stockholders approve acquisition by Pinnacle Entertainment

Ameristar Casinos Inc. on Thursday announced that its stockholders have approved the acquisition of Ameristar by Pinnacle Entertainment.

The approval was given during a special meeting of stockholders.

In a news release from Ameristar, officials said approximately 99.8 percent of the shares voting at Thursday's meeting voted in favor of the agreement and plan of merger.

"These shares represented approximately 81.6 percent of the total outstanding shares of Ameristar common stock as of the March 22, 2013, record date for the meeting," the release states. "As previously announced, on Dec. 20, 2012, Pinnacle agreed to acquire Ameristar in an all-cash transaction valued at $26.50 per Ameristar share, or total consideration of $2.8 billion including assumed debt."

Ameristar owns and operates casino facilities in St. Charles near St. Louis, Mo.; Kansas City, Mo.; Council Bluffs, Iowa; Black Hawk, Colo.; Vicksburg, Miss.; East Chicago, Ind.; the Jackpot, Nev., properties; and a casino resort under construction in Lake Charles.

The transaction is expected to be finalized later this year.

Copyright 2013 KPLC. All rights reserved.

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