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Stock Market & Financial Investment News

News Breaks
August 16, 2013
17:33 EDTPNKPinnacle to sell Lumiere Place Casino and Hotels to Tropicana for $260M
Pinnacle Entertainment announced that it has entered into a definitive agreement for the sale of Lumiere Place Casino, HoteLumiere, the Four Seasons Hotel St. Louis, and related excess land parcels to Tropicana Entertainment. Under the terms of the agreement, Tropicana will purchase Lumiere Place Casino and Hotels for cash consideration of approximately $260M. Lumiere Place Casino and Hotels will be accounted for as discontinued operations beginning in the 3Q13. The sale of Lumiere Place Casino and Hotels is expected to close by the end of 1Q14, subject to the approval of the Missouri Gaming Commission and Federal Trade Commission, as well as customary closing conditions.
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April 21, 2014
12:25 EDTPNKPinnacle Entertainment volatility up, will continue to 'review all strategies'
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11:54 EDTPNKPinnacle Entertainment says will continue to 'review all strategies'
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10:54 EDTPNKPinnacle Entertainment up 7% after Orange Capital recommendations
In a regulatory filing, Orange Capital reported a 4.5% stake in Pinnacle Entertainment. Orange Capital says it has had ongoing discussions with company management to maximize shareholder value including recommended that Pinnacle Entertainment consider spinning off the issuer's owned real estate into a separately traded real estate investment trust, REIT, and distribute it to shareholders via a tax free spin-off, "the PropCo Transaction." On April 16, Orange Capital sent a letter to the CEO of the Pinnacle, which discusses necessary steps to complete the PropCo Transaction; provides an analysis that describes why the reporting persons believe shareholder value will be maximized as a result thereof and states that subject to agreement with the Board and other typical conditions for transactions of the type, Orange Capital is willing to be an anchor investor in the PropCo Transaction.
10:43 EDTPNKOrange Capital urges Pinnacle Entertainment to spin off real estate into REIT
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10:41 EDTPNKOrange Capital reports 4.5% stake in Pinnacle Entertainment
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