An investigation on behalf of investors of Pinnacle Entertainment Inc (NASDAQ:PNK) in connection with the proposed takeover was announced and NASDAQ:PNK stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/05/2018 -- An investigation was announced for investors, who currently hold shares of Pinnacle Entertainment Inc (NASDAQ:PNK), over the takeover of Pinnacle Entertainment Inc. by Penn National Gaming, Inc for a value of approximately $32.47 per share.
Investors in shares of Pinnacle Entertainment Inc (NASDAQ:PNK) should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain directors of Pinnacle Entertainment Inc breached their fiduciary duties owed to NASDAQ:PNK investors in connection with the proposed acquisition.
On December 18, 2017, Penn National Gaming, Inc.(NASDAQ:PENN) and Pinnacle Entertainment, Inc. (NASDAQ:PNK) announced that they have entered into an agreement under which Penn National Gaming, Inc will acquire Pinnacle Entertainment Inc in a cash and stock transaction valued at approximately $2.8 billion. Under the terms of the agreement, Pinnacle Entertainment Inc shareholders will receive $20.00 in cash and 0.42 shares of Penn National common stock for each Pinnacle Entertainment Inc share, which implies a total purchase price of $32.47 per Pinnacle share based on Penn National's closing price on December 15, 2017
However, given that at least one analyst has set the high target price for NASDAQ:PNK shares at $34.00 per share, the investigation concerns whether the offer is unfair to NASDAQ:PNK stockholders. More specifically, the investigation concerns whether the Pinnacle Entertainment Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of Pinnacle Entertainment Inc (NASDAQ:PNK) closed on February 2, 2018, at $31.94 per share.
Those who are current investors in Pinnacle Entertainment Inc (NASDAQ:PNK) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com