Penn National Gaming secures Federal Trade Commission clearance

(PRESS RELEASE) -- Penn National Gaming, Inc. (“Penn” or the “Company”) announced today that the Federal Trade Commission (“FTC”) has cleared its pending acquisition of Pinnacle Entertainment, Inc. (“Pinnacle”), subject to the previously agreed divestitures of four Pinnacle properties to Boyd Gaming Corporation. The completion of the proposed transaction is contingent on the receipt of approval from one jurisdiction, as well as certain other customary conditions. The Company continues to expect to complete the transaction early in the fourth quarter.

In addition to clearance by the FTC, Penn National has received approvals from thirteen gaming regulatory bodies in connection with its proposed acquisition of Pinnacle Entertainment. In addition, on 29 March, shareholders of both Penn National and Pinnacle Entertainment approved the proposed merger, with over 99% of all votes cast in favor of the transaction.