Real estate investment trust Gaming & Leisure Properties Inc. (GLPI) announced on Monday that it had offered $4.1 billion to buy Pinnacle Entertainment‘s real estate assets.

News of the offer by GLPI, which was spun off from casino operator Penn National Gaming in 2013, was made public after Pinnacle reportedly refused to discuss GLPI’s initial offer in January.

“Notwithstanding the attractiveness of this offer, Pinnacle has again refused to engage, which is why we are bringing our value-enhancing proposal directly to their shareholders,” GLPI CEO Peter Carlino said, as quoted by Reuters.

Under the proposed deal, Pinnacle shareholders would receive one share of Pinnacle’s casino operations and 0.5517 shares of GLPI for each share in Pinnacle that they own. That would amount to $36 in assets for every share Pinnacle shareholders currently own, a total value of $2.17 billion. GLPI also said that with the inclusion of debt, the transaction would be worth close to $4.1 billion.