Boston, MA 06/18/2013 (wallstreetpr) – The share prices of Pinnacle Entertainment Inc. (NYSE:PNK) had surged by 4.19 percent to close at $19.64 per share for the end of last trading session on Monday. The shares of the company had been trading in the range of $19.06 to $20.18 per share for the day, very close to its year high level of prices. The shares of Pinnacle Entertainment Inc. (NYSE:PNK) had recorded 52 week high price level of $21.19 per share and 52 week low price level of $8.89 per share.
Pinnacle Entertainment Inc. (NYSE:PNK) is primarily engaged in the ownership, operation and development of casinos and related hospitality and entertainment facilities. The company had announced that it had reached an agreement in principle with the Bureau of Competition Staff of the Federal Trade Commission. The agreement states that the consummation of the proposed acquisition of Ameristar Casino Inc. by Pinnacle Entertainment Inc. (NYSE:PNK) would be permitted subject to the negotiation of a consent order and the approval of the Commission and other gaming regulatory authorities.
In line with an administrative complaint issued by the commission on May 28, 2013 the two parties had been making significant progress in resolving the issues mentioned in the complaint without the need for an administrative litigation. Pinnacle Entertainment Inc. (NYSE:PNK) looks forward to complete the proposed acquisition of the Ameristar Casino Inc. by the third quarter of this fiscal year.
The share prices of Pinnacle Entertainment Inc. (NYSE:PNK) had been surging to higher levels since the proposal of this acquisition plan. The company had witnessed the trade of 834,331 shares on Monday, while the average trading volume is at 904,134 shares per day.
Pinnacle Entertainment Inc. (NYSE:PNK) presently holds 58.38 million shares outstanding in the market with an institutional ownership of 93 percent of its holdings.
