SCR - Penn National Gaming inks deal to acquire Score Media and Gaming

Penn National Gaming (NASDAQ:PENN) announces a deal to acquire with Score Media and Gaming (NASDAQ:SCR) for approximately $2.0B in cash and stock. Under the terms of the deal, Score Media shareholders will receive $17.00 in cash and 0.2398 shares of Penn National for each SCR share held. Those terms imply a total purchase consideration of $34.00 per the share based on Penn National’s 5-day volume weighted average trading price. Score Media and Gaming (SCR) closed at $18.14 yesterday. The transaction has been unanimously approved by the boards of directors of both companies and is currently expected to close in Q1 of 2022. Upon completion of the transaction, current Penn National and theScore shareholders will hold approximately 93% and 7% respectively, of the combined company’s outstanding shares. Penn National Gaming (PENN) expects to fund the approximately $1B cash portion of the consideration using existing cash on its balance sheet. Penn says is now uniquely positioned

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Penn National Gaming inks deal to acquire Score Media and Gaming