Aztar Delays Further

From Phoenix, Arizona: the Aztar Corporation with the symbol AZR recently declared that it has postponed again its merger contract with Pinnacle Entertainment, Inc. Pursuant to the amended merger agreement, the purchase price for each share of Aztar common stock was increased from $43.00 to $45.00 in cash and the purchase price for each share of Aztar Series B preferred stock has been increased from $454.79 to $475.94 in cash.

The delayed union accord offers an increase in the closing tax to $49.575 million and termination expenses to up to $16 million. The deal is that the aggregate amount of the termination fee and termination costs equals those in the formerly announced $45 per share offer by Ameristar Casinos, Inc.

Aztar's Board of Directors will intend to estimate all aspects of the previously declared $47 per share unwelcome acquisition proposal by Wimar Tahoe Corporation, d/b/a Columbia Entertainment, the gaming affiliate of Columbia Sussex Corporation. The fact that there can be no definite guarantee that the proposal from Columbia Entertainment will result in an offer or, if such offer is made, that it would be accepted by Aztar's Board.