During Thursday’s Current trade, Shares of Canadian National Railway (USA) (NYSE:CNI), lost -0.54% to $62.19.
CN (CNR.TO) (CNI) declared that its Board of Directors has approved a third-quarter 2015 dividend on the Company’s common shares outstanding. A quarterly dividend of thirty-one-and-one-quarter cents (C$0.3125) per common share will be paid on Sept. 30, 2015, to shareholders of record at the close of business on Sept. 9, 2015.
CN is a true backbone of the economy, transporting more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network spanning Canada and mid-America. CN - Canadian National Railway Company, together with its operating railway auxiliaries — serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information on CN, visit the company’s website at www.cn.ca.
Canadian National Railway Company, together with its auxiliaries, engages in rail and related transportation business in North America. It offers transportation services that comprise rail, intermodal container, and trucking services; and supply chain solutions, counting warehousing and distribution, cargoflo, logistics parks, freight forwarding, customs brokerage service, industrial development, and marine services.
Shares of Pinnacle Entertainment, Inc (NYSE:PNK), declined -1.08% to $38.43, during its current trading session.
Gaming and Leisure Properties, Inc. (GLPI) sent a letter to the Board of Directors of Pinnacle Entertainment, Inc. (PNK) conveying a significantly raised offer to acquire the real estate assets of Pinnacle.
As formerly declared, GLPI has projected that Pinnacle’s operating business would be spun off into a separately traded public company (“OpCo”) and its remaining real estate assets (“PropCo”) would be merged into GLPI. Under GLPI’s revised proposal, Pinnacle shareholders would receive a fixed exchange ratio of 0.85 GLPI common shares per Pinnacle share for PropCo, which is a 54% enhance over the formerly declared exchange ratio of 0.5517 on March 9 and values PropCo at over $31.50 per Pinnacle share based on GLPI’s closing share price yesterday. This implies a PropCo enterprise value of $5.0 billion, or about 13.3x the initial year’s PropCo adjusted EBITDA, while maintaining a lease coverage ratio at OpCo of 1.9x property EBITDAR/lease expense. Pinnacle shareholders would also continue to receive one share of OpCo common stock for each share of Pinnacle they own, which has an assumed value of about $16.00 per Pinnacle share. The total implied value would be about $47.50 per share, which is a 73% premium to Pinnacle’s unaffected stock price on March 9, 2015, and a 27% premium to the current stock price.
GLPI has committed financing in place and is ready to finalize this transaction right away, and we would expect to close our transaction within about six months of signing. Nevertheless, Pinnacle continues to make new demands, delaying the signing of a definitive agreement and denying its shareholders a value-creating transaction that is clearly superior to Pinnacle’s formerly declared standalone separation plan.
Pinnacle Entertainment, Inc. owns, develops, and operates casinos and related hospitality and entertainment facilities in the United States. Its Midwest segment operates Ameristar Council Bluffs, Ameristar East Chicago, Ameristar Kansas City, Ameristar St. Charles, Belterra, Belterra Park, and River City properties.
McKesson Corporation (NYSE:MCK), during its Thursday’s current trading session decreased -3.06% to $219.76.
The Board of Directors of McKesson Corporation (MCK) declared a regular dividend of twenty-eight cents per share on Common Stock, a four cent enhance from the preceding quarter. The dividend will be payable on October 1, 2015, to stockholders of record on September 1, 2015.
McKesson Corporation delivers pharmaceuticals, medical supplies, and health care information technologies to the healthcare industry in the United States and internationally. The company operates in two segments, McKesson Distribution Solutions and McKesson Technology Solutions.
Finally, National Retail Properties, Inc. (NYSE:NNN), gained 0.16%, to $36.94.
The Board of Directors of National Retail Properties, Inc. (NNN), a real estate investment trust, declared a quarterly dividend of 43.5 cents per share payable August 14, 2015 to common shareholders of record on July 31, 2015. This declaration enhances the annual dividend paid by National Retail Properties for the twenty-sixth successive year. National Retail Properties is one of only four publicly traded REITs and 99 publicly traded companies in America to have raised annual dividends for 25 or more successive years.
National Retail Properties, Inc. is a publicly owned equity real estate investment trust. The firm acquires, owns, manages, and develops retail properties in the United States. It provides complete turn-key and built-to-suit development services counting market analysis, site selection and acquisition, entitlements, permitting, and construction administration.
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