Pinnacle Entertainment Confirms Revised Bid From Gaming And Leisure

(RTTNews) - Pinnacle Entertainment, Inc. (PNK) confirmed that its board of directors has received a letter from Gaming and Leisure Properties, Inc. (GLPI) regarding a revised proposal to acquire Pinnacle's real estate assets.

Pinnacle Entertainment said it has engaged in ongoing talks GLPI in order to provide appropriate value to Pinnacle shareholders, while at the same time working through the company's REIT separation plan. Pinnacle's board will review GLPI's revised proposal and respond promptly.

Earlier in the day, Gaming and Leisure Properties announced a revised proposal to acquire Pinnacle's real estate assets. Under the new proposal, Pinnacle shareholders would receive a fixed exchange ratio of 0.85 GLPI common shares per Pinnacle share for the real estate assets, which is a 54 percent increase over the previously announced exchange ratio of 0.5517 on March 9.

The revised offer values the real estate assets of Pinnacle at over $31.50 per Pinnacle share. Pinnacle shareholders would also continue to receive one share of the separately traded public company from the Pinnacle's operating business. The total implied value would be about $47.50 per share.