Aztar opens door to merger proposals

Aztar Corporation’s Board of Directors has determined that each of the unsolicited proposals received from Colony Capital Acquisitions and Ameristar Casinos is,
or is reasonably likely to result in, a superior proposal as defined in Aztar’s merger agreement, dated March 13, 2006, with Pinnacle Entertainment.Based on such determination, Aztar’s Board has determined to authorize
Aztar to enter into separate discussions with each of Colony and Ameristar
regarding their proposals.
  On March 30, 2006, Colony made an unsolicited proposal to acquire Aztar in
a merger transaction in which the holders of Aztar common stock would receive
$41.00 per share in cash and the holders of Aztar’s Series B preferred stock
would receive a commensurate payment dictated by the terms of the securities.
  On April 2, 2006, Ameristar made an unsolicited proposal to acquire Aztar
in a merger transaction in which the holders of Aztar common stock would
receive $42.00 per share in cash and the holders of Aztar’s Series B preferred
stock would receive a commensurate payment dictated by the terms of the
securities.
  As previously announced, Aztar is party to a merger agreement with
Pinnacle, under which each share of Aztar common stock would be exchanged for
$38.00 in cash and each share of Aztar Series B preferred stock would be
exchanged for $401.90 in cash.  The transaction with Pinnacle is subject to
approval by Aztar’s shareholders and the satisfaction of customary closing
conditions, including the receipt of necessary regulatory and governmental
approvals.
  Aztar’s Board will evaluate all aspects of the proposals from each of
Colony and Ameristar.  Aztar’s Board is not making any recommendation at this
time with respect to the proposals of either Colony or Ameristar, and there is
no assurance that a transaction with either party will result from such
discussions.
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