December 18, 2017 / 12:15 PM / 9 months ago

BRIEF-Penn National Gaming To Acquire Pinnacle Entertainment For About $2.8 Bln

Dec 18 (Reuters) - Penn National Gaming Inc:

* PENN NATIONAL GAMING TO ACQUIRE PINNACLE ENTERTAINMENT

* PENN NATIONAL GAMING - PINNACLE SHAREHOLDERS TO RECEIVE $20.00 PER SHARE IN CASH AND 0.42 SHARES OF PENN NATIONAL COMMON STOCK FOR EACH PINNACLE SHARE

* PENN NATIONAL GAMING INC - DEAL IS‍ IMMEDIATELY ACCRETIVE TO FREE CASH FLOW PER SHARE; EXPECTED TO GENERATE $100 MILLION IN ANNUAL RUN-RATE COST SYNERGIES​

* PENN NATIONAL GAMING INC - TRANSACTION VALUED AT APPROXIMATELY $2.8 BILLION

* PENN NATIONAL GAMING INC - TRANSACTION HAS BEEN APPROVED BY BOARDS OF DIRECTORS OF BOTH COMPANIES

* PENN NATIONAL GAMING INC - DEAL FOR TOTAL PURCHASE PRICE OF $32.47 PER PINNACLE SHARE

* PENN NATIONAL GAMING-ENTERED DEAL WITH BOYD IN WHICH BOYD TO PURCHASE PINNACLE’S GAMING OPERATIONS AT AMERISTAR KANSAS CITY, AMERISTAR ST. CHARLES IN MISSOURI​

* PENN NATIONAL GAMING INC - GAMING AND LEISURE PROPERTIES HAS ENTERED INTO AGREEMENT TO AMEND TERMS OF PINNACLE MASTER LEASE TO PERMIT DIVESTITURES

* PENN NATIONAL GAMING INC - ‍ BOYD WILL ALSO PURCHASE PINNACLE’S GAMING OPERATIONS AT BELTERRA CASINO RESORT IN INDIANA; AND BELTERRA PARK IN OHIO​

* PENN NATIONAL GAMING - ‍ AGREEMENTS WITH BOYD IN WHICH BOYD WILL PURCHASE CERTAIN PINNACLE’S GAMING OPERATIONS IS FOR APPROXIMATELY $575 MILLION IN CASH​

* PENN NATIONAL GAMING - ANTICIPATES ADDITIONAL CASH FLOW FROM ACQUISITION WILL ALLOW CO TO PAY DOWN DEBT ON ACCELERATED BASIS AFTER CLOSING

* PENN NATIONAL GAMING - UPON COMPLETION OF DEAL, CO AND PINNACLE SHAREHOLDERS WILL HOLD 78 PERCENT AND 22 PERCENT, RESPECTIVELY, OF COMBINED CO’S SHARES

* PENN NATIONAL GAMING- ‍GAMING OPERATIONS DIVESTITURES ANTICIPATED TO OCCUR IMMEDIATELY PRIOR TO, AND ARE CONDITIONED UPON, COMPLETION OF PINNACLE ACQUISITION​ Source text for Eikon: Further company coverage:

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