GLPI Sweetens Offer for Pinnacle’s Casinos


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A combination of Pinnacle’s assets, including Cactus Pete’s in Nevada, with GLPI’s would create the third largest triple-net lease REIT.
WYOMISSING, PA—Gaming and Leisure Properties Inc.on Tuesday said it was sweetening the pot for Pinnacle Entertainment’s board of directors, offering to buy the real estate assets of PNK and spin off its operating business in an OpCo/PropCo arrangement. The revised proposal, which follows a previous unsolicited bid GLPI made on March 9, calls for PNK shareholders to receive a fixed exchange ratio of 0.85 GLPI common shares per PNK share for PropCo, a 54% increase over the exchange ratio GLPI announced in March. It would entail PNK’s shareholders owning 100% of OpCo, while also holding a 28% equity stake in an enlarged GLPI…
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