Aztar now suited by 3

"Ameristar Casinos Inc. offered to buy Aztar Corp. for $42 a share, creating a three-way bidding contest with Colony Capital LLC and Pinnacle Entertainment Corp.
The offer values Phoenix-based Aztar at $2.25 billion, Ameristar said today in a statement distributed on PR Newswire. A purchase would create the fifth-largest publicly traded U.S. gaming company, according to the statement. "

Aztar is currently selling at a pretty significant premium to current bids (almost $45 ) This implies that investors are assuming further reupping of bids as the bidding war continues.