Imperial Capital Upgrades Penn National Gaming (PENN) to Outperform on Split-Up Plan
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Penn National Gaming (PENN) Spikes the Punch in Gaming Sector
November 16, 2012 9:35 AM ESTNews from regional casino company Penn National Gaming, Inc. (NASDAQ: PENN) that it will separate its gaming operating assets and real property assets into two publicly traded companies and pay a fat dividend to shareholders has others in the sector hopping Friday.... More
Deutsche Bank on Penn National Gaming (PENN)
November 16, 2012 8:36 AM ESTYesterday Penn National (Nasdaq: PENN) announced plans to split its operations.
Commenting on the development, analyst Carlo Santarelli of Deutsche Bank said "In a shocking and somewhat confusing release at first blush, we believe PENN has finally done what has been long... 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
