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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Pinnacle Entertainment, Inc. (NASDAQ: PNK) to Penn National Gaming, Inc. (NASDAQ: PENN) for $20 cash and 0.42 shares of Penn National per share of Pinnacle stock owned.
The investigation concerns whether the Board of Pinnacle breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Penn National Gaming, Inc. is underpaying for Pinnacle shares, thus unlawfully harming Pinnacle shareholders.
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