Penn National Gaming Confirms Discussions with Pinnacle Entertainment
November 30 2017 - 3:25PM
Business Wire
In light of recent market speculation, Penn National Gaming,
Inc. (NASDAQ:PENN) (“Penn National” or the “Company”) today
confirmed that it is engaged in discussions with Pinnacle
Entertainment, Inc. (NASDAQ:PNK) (“Pinnacle”) regarding a potential
business combination, whereby Penn National would acquire Pinnacle
in a cash and stock transaction.
These discussions may or may not lead to any transaction, and
the Company does not intend to comment further on market
speculation or disclose any developments unless and until it
otherwise deems further disclosure is appropriate or required.
Additionally, there can be no assurance that an agreement providing
for a transaction will be reached, or if an agreement is reached,
that a transaction will be completed. Any transaction would be
subject to the approval of the two companies’ boards, regulatory
and shareholder approvals, as well as other conditions.
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests
in gaming and racing facilities and video gaming terminal
operations with a focus on slot machine entertainment. Penn
National also recently expanded into social online gaming offerings
via its Penn Interactive Ventures, LLC division and our recent
acquisition of Rocket Speed, Inc. At September 30, 2017, the
Company operated twenty-nine facilities in seventeen jurisdictions,
including California, Florida, Illinois, Indiana, Kansas, Maine,
Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New
Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario,
Canada. At September 30, 2017, in aggregate, Penn National Gaming
operated approximately 36,700 gaming machines, 820 table games and
4,800 hotel rooms.
Forward-Looking Statements
All statements included in this press release, other than
historical information or statements of historical fact, are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements, including
statements regarding a potential transaction between the Company
and Pinnacle and the potential terms of such a transaction are
based on management’s current expectations and are subject to
risks, uncertainties and changes in circumstances that could
significantly affect future results. Accordingly, the Company
cautions that the forward-looking statements contained herein are
qualified by important factors and uncertainties that could cause
actual results to differ materially from those reflected by such
statements. Such factors and uncertainties include, but are not
limited to, (a) the Company and Pinnacle may not be able to come to
an agreement for a transaction within any particular timeframe or
at all; (b) entry into such a transaction would be subject to,
among other things the approvals of the Board of Directors of the
Company and Pinnacle and there is no assurance that such approvals
will be obtained; (c) the transaction would be subject to
regulatory approvals and shareholder approvals, which approvals may
not be obtained; and (d) other risks as may be detailed from time
to time in the Company’s filings with the Securities and Exchange
Commission (“SEC”). For more information on the factors that could
affect the Company’s financial results and business, review the
Company’s filings with the SEC, including, but not limited to, its
Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and
its Current Reports on Form 8-K.
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version on businesswire.com: http://www.businesswire.com/news/home/20171130006108/en/
Penn National GamingJustin Sebastiano, 610-401-2029Vice
President, Finance and TreasurerorJCIRJoseph N. Jaffoni, Richard
Land, 212-835-8500penn@jcir.com
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