Pinnacle-PNG merger to be completed
Shareholders at Penn National Gaming have finally approved the €2.3 billion merger with Pinnacle Entertainment.
US.- Back in December, US casino operator Penn National Gaming announced that it had reached a deal with Pinnacle Entertainment to acquire the company in a €2.3 billion deal. This week, the company’s shareholders have finally voted to approve the deal and complete the acquisition.
Nearly 86 per cent of PNG’s outstanding common shares were voted and the merger was approved almost unanimously, with about 99 per cent of the votes in its favour. Therefore, both companies expect to see the deal completed during the second half of 2018, pending regulatory approval and other customary closing conditions.
“The shareholder vote was another important milestone toward completing the acquisition of Pinnacle later this year,” Timothy Wilmott, chief executive of Penn National, said, adding: “We are pleased by the support of our shareholders, which we believe reflects their confidence in the significant near and long-term value this transaction will create for investors in both companies.
“The acquisition of Pinnacle’s operations will allow Penn National to further raise the bar on providing unparalleled entertainment and gaming experiences for our regional gaming customers while providing long-term growth opportunities and efficiencies related to our increased scale,” he assessed.
