Pinnacle Entertainment Responds To Gaming & Leisure Offer For Real-estate Assets

Pinnacle Entertainment Inc. confirmed Monday that it has received an unsolicited offer from Gaming & Leisure Properties Inc. for its real-estate assets, confirming a statement from GLPI earlier. The company said its board will review and evaluate the offer to determine which course of action is in the best interest of shareholders. Pinnacle had announced a plan in November to separate its operating and real estate assets into two publicly traded companies. The company said it was approached by GLPI in January with an initial indication of interest in a deal, which it did not deem would offer greater value to its shareholders than its own plan. It offered to hold talks with GLPI, which refused. Pinnacle shares were up 15% in afternoon trade, while GLPI shares were up 11.4%.