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November 12, 2012
11:21 EDTPNKPinnacle Entertainment drops sharply after breaking its 10-day moving average
The stock is down over 6.6% at time of writing following a breakdown below support at the 10-day moving average. At the current price of $11.72, next support would be at $11.20. Resistance is at $11.90.
News For PNK From The Last 14 Days
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July 7, 2015
10:30 EDTPNKPinnacle Entertainment receives revised proposal from Gaming and Leisure
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09:18 EDTPNKOn The Fly: Pre-market Movers
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08:07 EDTPNKGaming and Leisure increases offer to acquire Pinnacle real estate assets
Gaming and Leisure Properties (GLPI) disclosed that it sent a letter to the board of directors of Pinnacle Entertainment (PNK) conveying a "significantly" increased offer to acquire the real estate assets of Pinnacle. As previously announced, GLPI has proposed that Pinnacle's operating business would be spun off into a separately traded public company and its remaining real estate assets would be merged into GLPI. Under GLPI's revised proposal, Pinnacle shareholders would receive a fixed exchange ratio of 0.85 GLPI common shares per Pinnacle share for PropCo, which is a 54% increase over the previously announced exchange ratio of 0.5517 on March 9 and values PropCo at over $31.50 per Pinnacle share based on GLPI's closing share price yesterday. This implies a PropCo enterprise value of $5B, or approximately 13.3x the initial year's PropCo adjusted EBITDA, while maintaining a lease coverage ratio at OpCo of 1.9x property EBITDAR/lease expense. Pinnacle shareholders would also continue to receive one share of OpCo common stock for each share of Pinnacle they own, which has an assumed value of approximately $16.00 per Pinnacle share. The total implied value would be approximately $47.50 per share, which is a 73% premium to Pinnacle's unaffected stock price on March 9, and a 27% premium to the current stock price. GLPI has committed financing in place and is ready to finalize this transaction immediately, and we would expect to close our transaction within approximately six months of signing. Pro forma for the transaction, Pinnacle shareholders would own 100% of OpCo and an approximately 28% equity interest in an enlarged GLPI, which would be the third-largest triple-net REIT by enterprise value, with the scale, diversity and financial strength to deliver increased value to both companies' shareholders. Under the enhanced GLPI proposal, Pinnacle's OpCo would continue to own and operate certain other assets, including Belterra Park Gaming & Entertainment, the Heartland Poker Tour, Pinnacle's interest in Retama Park, gaming licenses, gaming equipment as well as approximately 450 acres of developable land adjacent to real estate GLPI would acquire.

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