Pinnacle Entertainment Confirms Discussions with Penn National Gaming
November 30 2017 - 2:30PM
Pinnacle Entertainment, Inc. (NASDAQ:PNK) (“Pinnacle” or the
“Company”) today confirmed that it is engaged in discussions with
Penn National Gaming, Inc. (NASDAQ:PENN) (“Penn National”)
regarding a potential business combination, whereby Penn National
would acquire the Company 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 Pinnacle
Entertainment
Pinnacle Entertainment, Inc. owns and operates
16 gaming entertainment businesses, located in Colorado, Indiana,
Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio and
Pennsylvania. In addition, Pinnacle holds a majority interest in
the racing license owner, as well as a management contract, for
Retama Park Racetrack outside of San Antonio, Texas.
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 transaction between the Company and Penn
National and the terms of 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
Penn National may not be able to come to an agreement for a
transaction on any particular timeframe or at all; (b) the
transaction is subject to the approvals of the Board of Directors
of the Company and Penn National 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.
Contact:
Vincent J. Zahn,
CFA |
|
Vice President
&Treasurer |
|
702/541-7777/investors@pnkmail.com |
|
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