Shares of Pinnacle Entertainment (PNK) rose 21.3% in Friday's trading session. The operator of casinos, hospitality and entertainment facilities announced that it will acquire Ameristar Casinos (ASCA) in a deal which would double the operations of the firm.
The Deal
Pinnacle Entertainment announced that it has entered into a definitive agreement in which Pinnacle will acquire all the outstanding shares of Ameristar for $26.50 per share in cash, for a total enterprise value of $2.8 billion.
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