On Thursday, Pinnacle Entertainment, Inc (NYSE:PNK)’s shares inclined 049% to $39.04.
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.
Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL)’s shares gained 4.91% to $20.93.
Melco Crown Entertainment Ltd (ADR) (MPEL) revealed an all-star line-up of top international magicians for ‘The House of Magic’ at Studio City, the first and only permanent magic extravaganza in Macau, China.
Designed, curated and hosted by world-acclaimed illusionist Franz Harary, ‘The House of Magic’ is the world’s first multi-theater, immersive visitor magic experiences, designed for magicians by a master magician and featuring live magicians and set in a mystical three-theater showcase complex of amazing, mind-bending magic.
Melco Crown Entertainment Limited, through its auxiliaries, develops, owns, and operates casino gaming and entertainment resort facilities in Asia. It owns and operates City of Dreams, an integrated casino resort that has 500 gaming tables and 1,400 gaming machines; about 1,400 hotel rooms and suites; a wet stage performance theater with about 2,000 seats; about 30 restaurants and bars, and 70 retail outlets; and recreation and leisure facilities, counting health and fitness clubs, swimming pools, spa and salons, and banquet and meeting facilities.
At the end of Thursday’s trade, Trinity Industries Inc (NYSE:TRN)‘s shares dipped -0.34% to $29.69.
Trinity Industries, Inc. (TRN) declared earnings results for the second quarter ended June 30, 2015, counting the following noteworthy highlights:
- Second quarter earnings per common diluted share of $1.33 contrast to $1.01 for the second quarter of 2014, a 32% enhance year-over-year
- Quarterly revenue and net income of $1.68 billion and $212.0 million, respectively, a year-over-year enhance of 13% and 29%, respectively
- Rail and Inland Barge Groups stated record operating profit during the second quarter
- Rail Group delivered 8,530 railcars and received orders for 11,170 new railcars during the second quarter, increasing its backlog to $6.90 billion
- Structural wind towers business received orders totaling $183.9 million, increasing its backlog to $502.6 million
- Company raised earnings guidance for full year 2015 to between $4.45 and $4.75 per common diluted share contrast to previous guidance of between $4.10 and $4.45 per share
Trinity Industries, Inc. provides various products and services for the energy, transportation, chemical, and construction sectors in the United States and internationally. Its Rail Group segment offers railcars, counting autorack, box, covered hopper, gondola, intermodal, tank, and open hopper cars; and couplers, axles, and other equipment, in addition to railcar maintenance services.
Waste Administration, Inc. (NYSE:WM), ended its Thursday’s trading session with 1.00% gain, and closed at $51.21.
Waste Administration, Inc. (WM) declared financial results for its quarter ended June 30, 2015. Revenues for the second quarter of 2015 were $3.32 billion contrast with $3.56 billion for the same 2014 period. Net income for the quarter was $274 million, or $0.60 per diluted share, contrast with net income of $210 million, or $0.45 per diluted share, for the second quarter of 2014. On an as-adjusted basis, not taking into account certain items, net income was $306 million, or $0.67 per diluted share, in the second quarter of 2015, contrast with $270 million, or $0.58 per diluted share, in the second quarter of 2014.(b)
The Company’s as-adjusted second quarter 2015 results exclude a $0.07 per diluted share charge to operating expenses associated with resolving the Company’s withdrawal liability from certain underfunded multiemployer pension plans. The Company’s second quarter 2014 results have been adjusted to exclude a negative impact of $0.15 per diluted share, primarily related to the divestiture of operations in Puerto Rico, and the earnings from businesses and assets divested in 2014, which contributed $0.02 per diluted share to earnings in the second quarter of 2014.(b)
Waste Administration, Inc., through its auxiliaries, provides various waste administration environmental services to residential, commercial, industrial, and municipal customers in North America. It offer collection services, counting picking up and transporting waste and recyclable materials from where it was generated to a transfer station, and material recovery facility, or disposal site, in addition to develops and operates landfill gas-to-energy facilities in the United States.
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