Bidding War Continues
Author: Diana Heeb Bivona
Everyone appears to REALLY want the Tropicana. The bidding war between Columbia-Sussex and Pinnacle seems to know no bound. As of last week, Columbia-Sussex raised its offer to $53/share, or approximately $2.64 billion. This tops Pinnacle’s last offer of $51/share. While these two may think they are getting a deal, many gaming and financial analysts believe the price is over inflated and are strongly cautioning both sides to cease and desist. That may happen as the price may be out of the ballpark for Pinnacle. Now, if not more surprises occur, maybe someone can actually close the deal on this particular piece of property.