SCR - Why Score Media and Gaming Stock Skyrocketed Today
Shares of Score Media and Gaming (NASDAQ: SCR) soared on Thursday after the sports betting company said it agreed to be acquired by casino giant Penn National Gaming (NASDAQ: PENN) . As of 2:30 p.m. EDT, theScore's stock price was up a stunning 82%.
The deal values theScore at roughly $2 billion, or $34 per share. Shareholders are slated to receive $17 in cash and 0.2398 shares of Penn National stock for each share of theScore they own. The transaction is expected to close in the first quarter of 2022, subject to regulatory and shareholder approval.
"We are thrilled to be acquiring theScore, which is the number one sports app in Canada and the third most popular sports app in all of North America," Penn National CEO Jay Snowden said in a press release.
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Why Score Media and Gaming Stock Skyrocketed Today