SAN DIEGO--()--Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether members of the Board of Directors of Ameristar Casinos (Nasdaq: ACSA) breached their fiduciary duties in connection with that company's proposed acquisition by an investor group led by Pinnacle Entertainment.
“Pinnacle’s offer appears to be lower than I would expect based on market valuation.”
On December 21, 2012, Pinnacle Entertainment announced that it had entered into definitive merger agreements to acquire ACSA for $26.50 a share.
The investigation will determine whether the ACSA Board of Directors breached their fiduciary duties to stockholders by failing to satisfactorily shop the Company before entering into this agreement. One analyst’s price target for ACSA stock is $33.00 per share, significantly higher than the $26.50 offered by Pinnacle Entertainment. Jim Baker, lead analyst for Johnson & Weaver, stated that “Pinnacle’s offer appears to be lower than I would expect based on market valuation.” Baker continued, “The ACSA stock trades at a relatively low PE ratio and has a very positive levered free cash flow”.
If you are interested in learning more about the investigation or your legal rights and remedies, please contact attorney Brett Weaver (brettw@johnsonandweaver.com) at 619-230-0063.
Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.
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