Orange renews push for Pinnacle REIT spinoff

"We believe a PropCo Transaction could result in an approximate 60%-90% increase in Pinnacle's (PNK -5.9%) current share price," says Orange Capital in a letter again urging Pinnacle Entertainment to spin off its owned real estate into a REIT.

Orange has been in contact with management, but is unsatisfied with the response it has gotten and calls for the board to form a special committee to evaluate such a deal.

Previously: Pinnacle Entertainment misses by $0.09, misses on revenue

In other news, Brean Capital says buy the dip in the stock, calling the earnings miss the result of one-time items.

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