Ameristar Casinos (ASCA) Higher on Takeover Speculation Following CEO's Sudden Death

Ameristar Casinos Inc. (Nasdaq: ASCA) is higher today on takeover speculation following the sudden death of Chairman and Chief Executive Craig H. Neilsen.

Neilsen owns a majority 55% position in the company. His shares will be transferred to his private foundation, The Craig H. Neilsen Foundation, which is primarily focused on spinal cord injury research and treatment.

John M. Boushy, President of the Company, was elected to succeed Craig Neilsen as Chief Executive Officer, and Ray Neilsen and Mr. Kanofsky were elected to the Board as Co-Chairmen.

Keybanc which upgraded the stock to Buy this morning said, "Ameristar immediately becomes a possible takeover candidate."

Shares of Ameristar Casinos are 11.5% higher to $28.60 in mid-day action Monday.