Pinnacle Stops Bidding for Aztar

"After careful consideration and due diligence, Pinnacle's management and board of directors have determined not to increase Pinnacle's offer to acquire Aztar," Daniel R. Lee, Pinnacle's Chairman and Chief Executive Officer, said. "We believe that our merger agreement at $51 per share makes compelling strategic and financial sense for Pinnacle and Aztar shareholders, and that the equity portion of the consideration offers Aztar shareholders an opportunity to participate in the potential upside of the combined companies. Pinnacle remains ready to complete this fully financed transaction in a timely manner, and has made all applicable gaming regulatory filings related to the transaction."