A casino property owner has offered to buy the real estate assets of Pinnacle Entertainment, which operates four casinos in Louisiana.

If the deal goes through, Gaming and Leisure Properties would own the properties in which Pinnacle operates its 15 casinos as part of a $4.1 billion deal. Pinnacle would then rent the properties.

Pinnacle’s Louisiana properties are the L’Auberge Casino Hotel in Baton Rouge, L’Auberge Casino Resort in Lake Charles, Boomtown Casino Hotel in New Orleans and Boomtown Casino Hotel in Bossier City.

Las Vegas-based Pinnacle announced in November that it was considering splitting into two separate businesses: one that owns the real estate assets of its casinos and another company that operates the casinos and rents properties from the real estate company. It’s a process that requires regulator approval.

Gaming and Leisure Properties, headquartered in Wyomissing, Pennsylvania, is a real estate investment trust that owns casino properties that it leases to casino operators.

Gaming and Leisure Properties said it first offered to buy Pinnacle’s real estate assets in January. It went public with the offer Monday because Pinnacle refused to have discussions, Gaming and Leisure Properties said.

Pinnacle said in a statement late Monday that it is reviewing the offer from Gaming and Leisure Properties.

Shares of both companies rose sharply Monday.

Under the proposed deal, Pinnacle shareholders would receive about $36 in assets for each share they own, or about $2.17 billion. Including debt, Gaming and Leisure Properties said the deal is worth about $4.1 billion.

Pinnacle shareholders would receive one share of Pinnacle’s casino operation business and 0.5517 shares of Gaming and Leisure Properties for each Pinnacle share they own.

Pinnacle owns and operates 15 casinos, including the Ameristar chain.

Shares of Gaming and Leisure Properties Inc. rose $4.06, or 13 percent, to $36.43. Shares of Pinnacle Entertainment Inc. rose $4.19, or 15 percent, to $31.61.