December 18, 2017 / 12:14 PM / 10 months ago

Penn National to buy Pinnacle Entertainment in $2.8 bln deal

Dec 18 (Reuters) - U.S. casino operator Penn National Gaming Inc said on Monday it would buy Pinnacle Entertainment Inc in a cash and stock deal valued at about $2.8 billion.

Pinnacle said its shareholders would 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. (Reporting by Arunima Banerjee in Bengaluru; Editing by Maju Samuel)

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