PNG acquires Pinnacle Entertainment

Penn National Gaming, Inc. has gained the approval to acquire Pinnacle Entertainment.

US.- Last week, the Indiana Gaming Commission approved Penn National Gaming, Inc.’s proposal to acquire Pinnacle Entertainment, Inc. Both companies have been negotiating the merger since earlier this year and shareholders at Penn National Gaming have already given the green light.

The deal between the companies is subject to customary conditions. The completion of the proposed transaction is contingent on receipt of additional regulatory approvals as well as certain other conditions.

Timothy J. Wilmott, Chief Executive Officer of Penn National Gaming, said: “We appreciate the diligent work of the Indiana Gaming Commission in their review and approval of our proposed transaction. We look forward to securing additional regulatory approvals in the near term and remain on schedule to complete the transaction in the second half of this year.”

Inclusive of today’s approval from the IGC, Penn National has received approval of its acquisition of Pinnacle Entertainment from six gaming regulatory bodies. In addition, on March 29th, shareholders of both Penn National and Pinnacle Entertainment approved the proposed merger, with over 99 per cent of all votes cast in favour of the transaction.