WeissLaw is investigating whether PNK's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $36.00, nearly $5.00 more than the per-share consideration. Additionally, the Company announced strong earnings in the third quarter of 2017, reporting net revenue of $647.4 million, representing growth of approximately $52.2 million year-over-year.
Moreover, this transaction will establish PENN as North America's preeminent regional gaming operator, with a strong base of properties, greater economies of scale, and increased purchasing power. The deal is also expected to be immediately accretive to free cash flow, which in turn will "enhance PENN's ability to de-lever its balance sheet [and] pursue strategic opportunities."
Finally, upon closing, PENN shareholders will own a whopping 78% of the combined company, leaving a meagre 22% for PNK shareholders.
Given these facts, WeissLaw is investigating whether PNK's Board acted in the best interests of PNK's public shareholders to maximize shareholder value prior to entering into the agreement. If you own PNK shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or visit our website, http://www.weisslawllp.com/pinnacle-entertainment-inc/
SOURCE WeissLaw LLP
|Company Name: WeissLaw LLP, Pinnacle Entertainment, Inc., Penn National Gaming, Inc.
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