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Home>Pinnacle Entertainment, Penn National stocks soar after WSJ report of merger talks

Pinnacle Entertainment, Penn National stocks soar after WSJ report of merger talks

Pinnacle Entertainment, Penn National stocks soar after WSJ report of merger talks

10/06/2017

Shares of Pinnacle Entertainment Inc. (PNK) shot up 7.9% in afternoon trade Thursday, and of fellow casino operator Penn National Gaming Inc. (PENN) climbed 4.0%, after The Wall Street Journal reported the companies have held merger talks. Citing people familiar with the matter, the WSJ report said that the companies have engaged in "on-again, off-again" discussions about a deal but have been unable to agree on terms, although Penn National was still interested in buying Pinnacle. At current share prices, Pinnacle has a market capitalization of $1.36 billion and Penn National's market cap is $2.18 billion. Taking into account the companies' significant debt burdens, the WSJ report said the companies have a combined enterprise value of about $12 billion. Pinnacle's stock has now soared 20% over the past three months, while Penn National shares have jumped 14% and the S&P 500 has gained 4.9%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

10-05-17 1508ET

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