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Aztar Further Amends Merger Agreement24 April 2006PHOENIX, Arizona – (PRESS RELEASE) -- Aztar Corporation (NYSE: AZR) announced today that it has further amended its merger agreement with Pinnacle Entertainment, Inc. Pursuant to the amended merger agreement, the purchase price for each share of Aztar common stock has been 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 amended merger agreement provides for an increase in the termination fee to $49.575 million and termination expenses to up to $16 million. The aggregate amount of the termination fee and termination expenses is equal to those in the previously announced $45 per share offer by Ameristar Casinos, Inc. Aztar's Board of Directors will continue to evaluate all aspects of the previously announced $47 per share unsolicited acquisition proposal by Wimar Tahoe Corporation, d/b/a Columbia Entertainment, the gaming affiliate of Columbia Sussex Corporation. There can be no assurance that the proposal from Columbia Entertainment will result in a definitive offer or, if such offer is made, that it would be accepted by Aztar's Board. |