Aztar-Pinnacle Merger Reflects Increased Purchase Price

PHOENIX -- Aztar Corporation (NYSE:AZR) announced Friday that it has amended its merger agreement with Pinnacle Entertainment, Inc. to increase the purchase price to $51.00 per share of Aztar common
Aztar remains a hot company to buy. 
Pinnacle Entertainment  stock, subject to adjustment. The amended merger agreement provides for an increase in the termination fee to $52.16 million and termination expenses to up to $25.84 million.

Under the merger agreement, each share of Aztar common stock will be exchanged for $47.00 in cash and a fraction of a share of Pinnacle common stock equal to $4.00 divided by the trading price of a share of Pinnacle common stock over a specified trading period, but no more than 0.16584 shares and no fewer than 0.11056 shares.

As announced on April 28, 2006, Pinnacle and Aztar had previously entered into an amended merger agreement, under which Pinnacle would acquire all of the outstanding common stock of Aztar for $48.00 per share, consisting of $45.00 in cash and $3.00 of Pinnacle common stock, subject to adjustment.

Aztar stated that the previously announced offer by Wimar Tahoe Corporation d/b/a Columbia Entertainment to acquire Aztar in a merger transaction in which the holders of Aztar common stock would receive $50 per share in cash is no longer a superior proposal under the merger agreement with Pinnacle.

About Aztar Corporation

Aztar is a publicly traded company that operates Tropicana Casino and Resort in Atlantic City, New Jersey, Tropicana Resort and Casino in Las Vegas, Nevada, Ramada Express Hotel and Casino in Laughlin, Nevada, Casino Aztar in Caruthersville, Missouri, and Casino Aztar in Evansville, Indiana.