UPDATE 1-Penn National, Pinnacle Entertainment consider merger - WSJ [Reuters]
PINNACLE ENTERTAINMENT (PNK)
Last pinnacle entertainment earnings: 8/2 08:00 am
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Source: Reuters
Penn National, Pinnacle Entertainment consider merger: WSJ | Reuters Reuters Staff 2 Min Read (Reuters) - U.S. casino operator Penn National Gaming Inc ( PENN.O ) has been in merger discussions with rival Pinnacle Entertainment Inc ( PNK.O ), the Wall Street Journal reported, citing people familiar with the matter. The companies have engaged in on and off discussions about a deal, but have been unable to agree on terms, the Journal said. However, Wyomissing, Pennsylvania-based Penn National is still interested in buying Las Vegas-based Pinnacle, according to the report. ( on.wsj.com/2y3kGQp ) Penn National and Pinnacle’s shares touched record highs on Thursday, with Penn National rising as much as 8 percent to $24.74 and Pinnacle surging 14.1 percent to $24.94 in late-afternoon trading. Penn National had a market capitalization of about $2.09 billion as of Wednesday’s close, while Pinnacle was valued at $1.26 billion. The combined companies have an enterprise value of about $10.69
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