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Pinnacle shareholders approve merger

Wednesday, Oct. 11, 2000 | 10:23 a.m.

LAKE TAHOE -- Shareholders of Pinnacle Entertainment of Glendale, Calif., have signed off on their company's plans to merge with PH Casino Resorts, a subsidiary of Harveys Casino Resorts of Lake Tahoe, Nev.

Harveys is controlled by Colony Capital of Los Angeles.

Seventy-eight percent of Pinnacle's stockholders approved the merger Tuesday. They also elected nine directors to serve on the board until the merger is completed, either late this year or early in 2001, pending regulatory approvals and financing.

Each Pinnacle shareholder will receive $24 in cash for each share, plus up to an additional $1 in cash for each share contingent on the sale of the company's 97 acres of surplus land in Inglewood, Calif., before March 1, 2002.

Pinnacle owns and operates six casinos in Nevada, Mississippi, Louisiana and Argentina.

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