Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of both Pinnacle Entertainment, Inc (NASDAQ:PNK) and Gaming and Leisure Properties Inc (NASDAQ:GLPI) jumped double digits today -- as much as 21% for PNK and as much as 10.7% for GLPI -- after the latter offered to buy Pinnacle's real estate assets.

So what: Pinnacle Entertainment announced late last year that it was planning to split its assets into a REIT and operating gaming assets. Gaming and Leisure Properties is offering to buy the real estate assets for $4.1 billion, including debt. The deal offers Pinnacle shareholders the right to 0.5517 shares of GLPI stock and full ownership of the gaming operating company.

Now what: At today's price, the deal is offering $19.60 in GLPI share value to Pinnacle's shareholders, and the remaining value would be in keeping shares in the operating company. For Pinnacle, it offers an easy way to split off its real estate assets without having to launch its own REIT. Gaming and Leisure Properties was the REIT spinoff of Penn National, so it has a history in gaming real estate.

Pinnacle's management has turned down the offer so far, and that's why Gaming and Leisure Properties took the offer public. I think the deal would be positive for Gaming and Leisure Properties' ability to grow assets, but for Pinnacle I wouldn't want to own the weak operating assets the company has in regional gaming today. For that reason, I'll sit out the pop and speculation that will surround management's decision.