Pinnacle Entertainment affirms receipt of spontaneous proposition from Gaming and Leisure Properties to acquire real estate.
09 March 2015
Pinnacle Entertainment today affirmed that its Board of Directors received a spontaneous proposition from Gaming and Leisure Properties, to obtain Pinnacle’s real estate resources for GLPI imparts as a major aspect of an assessable division exchange.
Pinnacle Board of Directors and administration group are focused on acting to the greatest advantage of all Pinnacle shareholders. Predictable with its guardian obligations, Pinnacle’s Board, in interview with its free budgetary and lawful counsellors, will painstakingly audit and assess GLPI’s proposition to focus the approach that it acceptance is to the greatest advantage of the Company and its shareholders.
As declared in November 2014, Pinnacle is seeking after an arrangement to divide the Company’s working resources and its real estate resources into two traded open market companies in an assessment free exchange. As noticed this detachment will give a lower weighted normal expense of capital and an appealing monetary stage to exploit future chances to make long haul shareholder esteem inside the casino gaming and broader leisure and entertainment sector.
The Company noted that on January 16, 2015, it received a GLPI indication of interest in pursuing a potential acquisition of Pinnacle’s real estate assets. While Pinnacle’s Board did not view the proposed transaction as likely to result in greater value to Pinnacle shareholders than the Company’s existing plan, in order to explore whether there was a path to a more attractive transaction, the Company indicated its willingness to engage in discussions with LPI under appropriate terms, which GLPI refused.
On Friday March 6, 2015, the Company got an email from GLPI plotting updated proposed terms for an exchange and an appeal for data. The Company prompted GLPI that the Pinnacle Board would survey the proposition and react instantly, however GLPI chose not to wait for a consideration from the Pinnacle’s Board.
Pinnacle Entertainment, Inc. owns and operates 15 gaming entertainment properties, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada and Ohio. Pinnacle holds a majority interest in the racing license owner, as well as a management contract, for Retama Park Racetrack outside of San Antonio, Texas.
Pinnacle alerts that the forward-looking explanations contained in this are qualified by vital components and vulnerabilities that could result in genuine results to contrast physically from those reflected by such proclamations. Such components and instabilities incorporate, are not constrained to those as may be definite from time to time in the company’s filings with the Securities and Exchange Commission.