Pinnacle Entertainment Inc shareholder Orange Capital LLC said it had asked the casino operator to consider spinning off its real estate into a separately traded real estate investment trust. Pinnacle's shares rose as much as 9 percent in afternoon trading on the New York Stock Exchange.New York-based Orange Capital, which raised its stake in the company to 4.5 percent, as of April 10, said it was in talks with the company regarding opportunities to maximize shareholder value. (r.reuters.com/paq68v)Orange Capital owned 3 percent, as of Dec. 31."... The company is valued at a significant discount to Pinnacle's closest peer, the combined Penn National Gaming Inc and its real estate owner, Gaming & Leisure Properties Inc," Daniel Lewis, managing partner of Orange Capital, wrote in a letter to Pinnacle's chief executive.
Orange SA, formerly France Telecom SA, is a France-based company that is engaged, principally, in the provision of integrated telecommunications services. Shares of ORAN fell by 0.59% or $-0.089/share to $15.00. In the past year, the shares have traded as low as $9.10 and as high as $15.14. On average, 697161 shares of ORAN exchange hands on a given day and today's volume is recorded at 124601.
Shares of PENN traded higher by 2.24% or $0.285/share to $12.98. In the past year, the shares have traded as low as $10.84 and as high as $15.50. On average, 1913950 shares of PENN exchange hands on a given day and today's volume is recorded at 522433.
Pinnacle Entertainment, Inc. (Pinnacle), is an owner, operator and developer of casinos and related hospitality and entertainment facilities. Shares of PNK traded higher by 6.71% or $1.481/share to $23.56. In the past year, the shares have traded as low as $17.75 and as high as $26.77. On average, 1144400 shares of PNK exchange hands on a given day and today's volume is recorded at 2711495.
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