If the Aztar board deems Columbia Sussex's bid superior,Pinnacle has 72 hours to match or better the offer. If Pinnacledoes not match or better the offer in Aztar's determination, itwould have to pay Pinnacle $78 million to kill its deal withPinnacle, The kill fee includes a $52.2-million break-up fee andanother $25.8 million for legal expenses. Prior to this latestamendment to the deal, the total kill fee for the deal was $66million.

Since March 13, when Pinnacle and Aztar agreed to a merger at$38 per share, there have been no less than 15 bids. Columbia'slatest bid is just under 40% higher than the original bid.

Prior to Columbia's $53 all-cash bid, JP Morgan stated in anopinion that Pinnacle's bid should be deemed superior because "amerger with a strategic sponsor such as PNK would not only be goodfor AZR shareholders, in our view, but also good for otherstakeholders in the company such as employees."