Deutsche Bank on Penn National Gaming (PENN)
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Imperial Capital Upgrades Penn National Gaming (PENN) to Outperform on Split-Up Plan
November 16, 2012 1:14 PM ESTImperial Capital upgraded Penn National Gaming (NASDAQ: PENN) from In-Line to Outperform with a price target of $60.00 (from $47.00) following move to split company and convert to REIT.
The firm comments, "We view the companys announcement as a positive for the... More
Penn National (PENN) Plans to Split Opeating, Real Estate Assets; Offering Financial Update
November 15, 2012 5:37 PM ESTPenn National Gaming, Inc. (NASDAQ: PENN) announced today that it intends to pursue a plan to separate its gaming operating assets and real property assets into two publicly traded companies including an operating entity, Penn National Gaming (PNG), and, through a tax-free spin-off of its real estate assets to holders of PENN common stock, a newly formed, publicly traded real estate investment trust (REIT) (PropCo), subject to required gaming regulatory body approvals.
TRANSACTION DETAILS
Under the plan, PropCo will initially own substantially all of PENNs real property assets and will... More
