Company: GLPI
Filing Date: 2025-05-01
Form Type: S-3ASR
Source: 0001193125-25-110027
Chunk: 32

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-01
Form: S-3ASR
Chunk 32
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 25F of the PBCL generally establishes a 5-year moratorium on a “business
combination” with an “interested shareholder.” “Interested shareholder” is defined generally to be any beneficial owner of 20% or

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more of the corporation’s voting stock or an affiliate of the corporation who at any time during the prior five years was the beneficial owner of 20% or more of the corporation’s voting
stock. “Business combination” is defined broadly to include mergers, consolidations, asset sales or other dispositions and certain self-dealing transactions. Certain restrictions apply to a business combination following the 5-year period. Among other exceptions, Subchapter 25F will be rendered inapplicable if the board of directors approves the proposed business combination, or approves the interested shareholder’s acquisition of
20% of the voting shares, in either case prior to the date on which the shareholder first becomes an interested shareholder.

Subchapter
25G of the PBCL provides that “control shares” lose voting rights unless such rights are restored by the affirmative vote of a majority of (i) the disinterested shares (generally, shares held by persons other than the acquiror,
executive officers of the corporation, directors of the corporation who are also officers of the corporation (including executive officers), and certain employee stock plans) and (ii) the outstanding voting shares of the corporation.
“Control shares” are defined as shares which, upon acquisition, will result in a person or group acquiring for the first time voting control over (a) 20%, (b) 33 1/3% or (c) 50% or more of the outstanding shares, together with shares
acquired within 180 days of attaining the applicable threshold and shares purchased with the intention of attaining such threshold. A corporation may redeem control shares if the acquiring person does not request restoration of voting rights as
permitted by Subchapter 25G or the voting rights of such control shares are not restored or such voting rights lapse pursuant to Subchapter 25G. Among other exceptions, Subchapter 25G does not apply to a merger, consolidation or a share exchange if
the corporation is a party to the transaction agreement.

Subchapter 25H of the PBCL provides that if any person or group publicly
discloses that the person or group may acquire control of the corporation, or a person or group acquires, or publicly discloses an offer or intent to acquire, 20% or more of the voting