Some kind of deal where they have had their assets acquired by another company and will spin off?
Drop on confusion about it?
Gaming and Leisure Properties, Inc. Completes the Previously Announced Acquisition of the Real Estate Assets of Pinnacle Entertainment, Inc.
4:56 pm ET April 28, 2016 (Globe Newswire) Print
Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) ("GLPI") and Pinnacle Entertainment, Inc. (NASDAQ:PNK) ("Pinnacle") today announced that the companies have successfully completed the previously announced transactions pursuant to which GLPI has acquired substantially all of Pinnacle's real estate assets.
The acquisition was effected through a series of transactions, including the spin-off (the "Spin-Off") of Pinnacle's operating business, real property of Belterra Park Gaming and Entertainment Center and certain undeveloped land from the former Pinnacle Entertainment, Inc. ("Former Pinnacle") into a new, standalone publicly traded company. Following the Spin-Off, Former Pinnacle was merged with and into a wholly owned subsidiary of GLPI and the Pinnacle operating company was renamed Pinnacle Entertainment, Inc.
In the Spin-Off, Former Pinnacle distributed to its stockholders one share of common stock in Pinnacle for each share of common stock of Former Pinnacle. Shares of Pinnacle common stock will begin "regular-way" trading tomorrow, April 29, 2016, and will assume Former Pinnacle's symbol "PNK" on NASDAQ.
