Casino operator Pinnacle Entertainment Inc. on Monday said it would buy Aztar Corp. for about $1.45 billion in cash, extending its reach into U.S. gambling markets such as Las Vegas and Atlantic City.
Pinnacle said it would buy all of the outstanding shares of Aztar for $38 each in cash. The company said the deal, which also involves the assumption of about $723 million in Aztar debt, represents a premium of about 24 percent over Aztar’s closing price on March 10.
