Penn National Keeps Expanding With Billion-Dollar Acquisition

PENN is up 70% year-over-year

Digital Content Manager
Aug 5, 2021 at 9:34 AM
facebook twitter linkedin

Penn National Gaming, Inc. (NASDAQ:PENN) just announced the purchase of Canada-based Score Media and Gaming (SCR) -- a firm that specializes in sports betting and digital media. The deal is worth nearly $2 billion, and under its stipulations, shareholders of Score will receive $17 in cash and 0.2398 shares of Penn National Gaming per share held of Score, amounting to a per-share value of $34. Penn National's Chief Executive Jay Snowden said the agreement will likely help the company save on third-party platform costs and allow it to expand its product offerings. 

The shares are taking a step back today, off 4.2% at $63.48 this morning, though support near the $63 level, which PENN staged a bounce from late last month, could contain some of today's pullback. And while PENN has cooled significantly from its March 15 record peak, it still boasts a roughly 77% year-over-year lead. 

We noted last week that PENN was oversold, which could work in the stock's favor, with a short-term bounce potentially on the horizon. This is per the equity's Relative Strength Index (RSI) of 36. 


If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!



Special Offers from Schaeffer's Trading Partners