Ameristar Casinos Shareholder Alert: Briscoe Law Firm and Powers Taylor, LLP Investigate Sale to Pinnacle Entertainment
December 21 2012 - 11:22AM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the sale of Ameristar Casinos, Inc.
(“Ameristar”) (NasdaqGS: ASCA) to Pinnacle Entertainment, Inc. for
shareholders. Under the terms of the proposed deal with a total
enterprise value of approximately $2.8 billion including debt,
Ameristar shareholders will only receive $26.50 for each share of
Ameristar stock owned, well below at least one analyst’s estimated
value of $33.00 per share.
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Zach Groover at
Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
zach@powerstaylor.com or Willie Briscoe at The Briscoe Law Firm,
PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The Ameristar sale investigation centers on whether Ameristar’s
shareholders are receiving adequate compensation for their shares
in the buyout, whether the transaction undervalues Ameristar’s
stock, and whether Ameristar’s board attempted to obtain the
highest share price for all shareholders prior to agreeing to the
deal. According to at least one analyst with Yahoo! Finance, the
true inherent value of the Ameristar shares could be as high as
$33.00 per share. Shareholder rights attorney Willie Briscoe noted
that “due to the proposed sale price, the size of the deal and
other factors, we are concerned that this transaction may
undervalue Ameristar’s stock. As such, our lawsuit will seek to
obtain the highest share price for all shareholders.”
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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