Penn National shareholders approve Pinnacle merger

Shareholders at Penn National Gaming have voted to approve a planned merger with Pinnacle Entertainment worth $2.8bn (€2.3bn).

In December, casino operator Penn National announced that it had brokered an agreement to acquire Pinnacle in a cash-and-stock deal.

Last week, approximately 86% of Penn’s outstanding common shares were voted and around 99% of these votes were cast in favour of the merger.

Subject to regulatory approval and other customary closing conditions, Penn and Pinnacle expect the deal to go through in the second half of the year.

Timothy Wilmott, chief executive of Penn National, said: “The shareholder vote was another important milestone toward completing the acquisition of Pinnacle later this year.

“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.”