Pinnacle's on again-off again-on again bid of $51 per share for Aztar has won the day, reports Reuters. The deal is for $47 in cash and $4 in Pinnacle stock.

Pinnacle had made that same offer Thursday and then pulled it on Friday morning when Aztar hadn't made a decision. In fact, on Friday morning Aztar complained that they hadn't even had time to have a meeting. But the prospects for a Friday meeting looked good, so Pinnacle put its chips back on the table and will probably not be taking the consolation prize after all. The grand prize, of course is a developable 34 acres on the Strip where the Tropicana now stands.

Pinnacle's stock barely moved on Friday but that may be because the action took place late in the day and mostly after NYSE had closed. It will take something of a hit on Monday as investors who hadn't already headed for the exits short the stock thinking that it's next few quarters won't be pretty with the debt and stock giveaway down the road.

But and there's a big but. The merger agreement is inked, reports MarketWatch. And the penalties have risen to a termination fee of $52.16 million and related expenses of as much as $25.84 million if the deal collapses.

So it's a deal unless Columbia Sussex wants to put more cash into its deal. Stay tuned.