Gambling Pinnacle’s Ameristar takeover bid under jeopardy

Pinnacle’s Ameristar takeover bid under jeopardy

The USD 2.8-billion Ameristar Casinos buyout by Pinnacle Entertainment seems to be in jeopardy now, after it was revealed by the Federal Trade Commission that the deal is violating the country’s Antitrust Law.

There was an administrative complaint issued by the commission on Wednesday. The 17-page document stated that the merger between the two local casino operators is going to reduce the competition elsewhere.

The Trade Commission has put a halt on the deal, till there is a hearing done on the same by an administrative law judge, which would be done somewhere in October this year. On the other hand, the companies are hoping that they will get the nod and the merger, which was announced last year and was to be completed in summer, will be finalized.

Anthony Sanfilippo, who is the CEO of Pinnacle Entertainment, was pretty much disappointed with the decision made by the commission. He said that the transaction is going to benefit the guests and shareholders of both the firms.

Ameristar stockholders had already approved the merger, earlier this month. They are to receive USD 26.50 per share, once the deal will receive the node from the Commission.

Sanfilippo said in an interview, “I believe that our merger with Ameristar is not going to have any kind of negative effect at all on the competition in the market in any of the geographies, where the combined company will operate.”

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