Deals
Gaming and Leisure Offers to Buy Pinnacle’s Real Estate
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Gaming and Leisure Properties Inc. made an unsolicited $4.1 billion offer to buy Pinnacle Entertainment Inc.’s brick-and-mortar assets, starting a shareholder fight as the casino industry moves toward real estate investment trusts.
Pinnacle last year announced plans to split into separate companies handling its operating assets and real estate following pressure from activist shareholder Orange Capital LLC. Under Monday’s offer, which includes the assumption of net debt, Pinnacle investors would receive $36 a share, Wyomissing, Pennsylvania-based Gaming and Leisure said in a statement. That is a 31 percent premium over Pinnacle’s closing price on Friday.