Firm is looking into maximizing value for shareholders
Pinnacle confirms talks with Gaming and Leisure Properties over possible deal
Talks concerning a potential deal for Gaming and Leisure Properties Inc. to acquire the real estate assets of Pinnacle Entertainment were confirmed Monday.
2015-05-07
Reading time 34 seg
Talks concerning a potential deal for Gaming and Leisure Properties Inc. to acquire the real estate assets of Pinnacle Entertainment were confirmed Monday.
Las Vegas-based Pinnacle said in a statement that it is looking into maximizing value for shareholders though no assurances could be made that the talks would produce a transaction. Last month, Gaming and Leisure reportedly increased its offer for the real estate to $2.4 billion.
Skadden, Arps, Slate, Meagher & Flom LLP and Gibson, Dunn & Crutcher LLP are acting as Pinnacle's legal advisers while Goldman, Sachs & Co. is serving as its financial adviser.
Pinnacle owns 15 gaming properties, including the River City Casino in south St. Louis County and the Ameristar Casino in St. Charles. The company announced plans in November to split into two public companies — a real estate investment trust and a separate company for its casino operations.
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