Former United States Securities and Exchange Commission attorney Willie Briscoe is investigating potential claims against the Board of Directors of Pinnacle Entertainment, Inc. (“Pinnacle Entertainment”) (NASDAQ: PNK) concerning the acquisition by Penn National Gaming, Inc. (NASDAQ: PENN). Under the terms of the agreement, valued at approximately $2.8 billion, Pinnacle Entertainment shareholders will only receive $20.00 in cash and 0.42 shares of Penn National stock per Pinnacle Entertainment share owned. Based on the closing price of Penn National before the deal was announced, the consideration is valued at $32.47 per share, which is significantly lower than at least one analyst’s estimated value of $34.00.
If you are an affected investor, and you want to learn more about the investigation or if you have information that you believe would be helpful to our investigation of the fairness of the proposed transaction, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org or by calling (888) 809-2750. There is no cost or fee to you.
The investigation centers on whether Pinnacle Entertainment’s Board of Directors is acting in the shareholders’ best interests, whether the board considered alternatives to the acquisition, and whether the board has employed an adequate process to review and act on the proposed transaction. Notably, at least one analyst with Yahoo! Finance believes the true inherent value of Pinnacle Entertainment could be as high as $34.00 per share.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters, including claims of investor and stockholder fraud, shareholder derivative suits, and securities class actions.