Under the terms of the agreement, Pinnacle shareholders will receive $20.00 in cash and 0.42 shares of Penn National common stock for each Pinnacle share, which implies a total purchase price of $32.47 per Pinnacle share based on Penn National’s closing price on December 15, 2017. (NASDAQ:PNK) (“Pinnacle”) announced today that they have entered into a definitive agreement under which Penn National will acquire Pinnacle in a cash and stock transaction valued at approximately $2.8 billion. (NASDAQ:PENN) (“Penn National”) and Pinnacle Entertainment, Inc. 18, 2017 (GLOBE NEWSWIRE) - Penn National Gaming, Inc. Penn National and Pinnacle to Host Joint Conference Call and Webcast at 8:00 a.m. Post-Synergy Acquisition Multiple of 6.6x LTM EBITDA

Immediately Accretive to Free Cash Flow Per Share Expected to Generate $100 Million in Annual Run-Rate Cost Synergiesĭefinitive Agreements with Gaming and Leisure Properties on Master Lease Amendments and Sale- Leaseback Transactions and with Boyd Gaming on Planned Divestitures Provide Clear Path to Completion

Pinnacle Shareholders to Receive $20.00 Per Share in Cash and 0.42 Shares of Penn National Common Stock for Each Pinnacle Share in Transaction Valued at Approximately $2.8 BillionĮnhances Penn National’s Position as North America’s Leading Regional Gaming Operator and Further Diversifies Its Best-in-Class Portfolio of Gaming Assets

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