News summary: Pinnacle to buy Ameristar for $869M

News summary: Pinnacle buying buy Ameristar Casinos for about $869M, plus $1.9B in debt

Associated Press

THE RAISE: Pinnacle Entertainment said it reached a deal to buy Ameristar Casinos for about $869 million, plus taking on its $1.9 billion in debt.

DOUBLE DOWN: The acquisition would more than double Pinnacle's casino and resort holdings to 17 in the United States.

THE CHIPS: Pinnacle will pay $26.50 for each share of Ameristar Casinos Inc. That's a 20 percent premium over the company's Thursday closing stock price of $22.07. The deal also includes $116 million in cash on hand as of Sept. 30.

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