After an initial offer to purchase Pinnacle real estate assets in January, Gaming & Leisure Properties, Inc., has offered another proposal totaling $4.1 billion. The companies failed to come to terms of engagement, and the offer is now being made publicly for Pinnacle shareholders to see.

The deal offers shareholders one share of Pinnacle’s casino operations and 0.5517 shares of GLPI for each share currently owned. This can amount to as much as $36 per share of Pinnacle, totaling more than $2 billion. Including current debt, the deal is worth just over $4 billion.

Pinnacle announced in November that they planned to separate their operating assets from real estate and form their own real estate investment trust. Pinnacle stated that the previous proposal did not offer any value over their current plan, but the modified proposal is being considered.

Based on the stock values, the estimated market value of Pinnacle is $1.65 billion, though some significant increases have been seen. In fact, the shares rose to an 8 year high, closing at $33 on Monday.

GLPI, plans to continue proposing offers until one is accepted and believes that dealing with Pinnacle’s shareholders will be the key to closing a deal.

Were the deal accepted as proposed Pinnacle would receive pro forma ownership in GLPI of 20% and maintain 100% ownership in in their operating company and lease the casino properties from GLPI.

Pinnacle currently owns 15 casinos in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada and Ohio. GLPI is a real estate investment trust connected to Penn National Gaming Inc., and owns about 20 casinos in the US.