PHOENIX-In an ongoing bidding war over Aztar Corp., Pinnacle Entertainment Inc. has fired its latest salvo to increase its bid to $48 per share or $2.46 billion. Pinnacle’s last offer was $2.3 billion.

As part of the Pinnacle deal, the offer for Aztar Series B stock will remain at the previous amount of $475.94 per share, all cash, with an additional $31.73 per share in Pinnacle common stock, subject to the collar provision. Pinnacle’s counter-offer was made in response to rival Ameristar Inc.’s bid Tuesday to pay $47 per share of common stock and $497.09 straight cash for Aztar’s Series B stock—the day after its Las Vegas-based competitor laid $45 per share of common stock and $475.94 cash bid on the table.

The bidding battle is over Aztar’s portfolio of five entertainment and gaming properties, totaling 4,564 rooms and the development opportunities beside Aztar’s 61,000-sf Las Vegas Tropicana. Also in the mix is Aztar’s building headquarters at 2390 E. Camelback Rd. in Phoenix.

Pinnacle’s offer is in place until 5 p.m. EST today. Ameristar’s offer is set to expire at 2 p.m. MST. Representatives from Aztar, Pinnacle and Ameristar would not comment on the showdown in the West.

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