Last Modified: Friday, April 26, 2013 10:13 AM
Ameristar Casinos stockholders approved the deal to merge the company with Pinnacle Entertainment on Thursday.
“Approximately 99.8 percent of the shares voting at today’s meeting voted in favor of the agreement and plan of merger,” Ameristar officials said in a statement.
“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.”
This is one step in the process that will lead to Pinnacle Entertainment expanding from seven casino properties and other developments to 15.
Last December, it was announced that Pinnacle decided 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,” as stated in Ameristar’s news release.
Ameristar is building a casino-resort in Lake Charles next door to Pinnacle’s L’Auberge Casino Resort.
Kerry Andersen, Pinnacle’s corporate director of media relations and public affairs, said the deal could be closed at the end of the second quarter or beginning of the third quarter.
“This is a very exciting day for all of us at Pinnacle Entertainment as we move one step closer to combining two great casino companies. We are so pleased to see that the shareholders of Ameristar overwhelmingly approved the transaction and are now working diligently to complete the remaining steps required to finalize the merger,” she said.
“This acquisition is nothing short of transformational for Pinnacle Entertainment and, once fully approved, our combined portfolio will greatly benefit both our guests and team members.”