Score Media and Gaming’s (theScore) shareholders have voted to approve the proposed acquisition of the business by Penn National Gaming Inc.
During theScore’s special meeting of shareholders on October 12, 99.96% of the votes cast by shareholders were in favor of the deal, with just 0.04% against.
Back in August, Penn National Gaming and Score Media and Gaming entered into a definitive agreement whereby Penn National will acquire theScore for approximately $2bn in cash and stock.
Under the terms of the agreement, theScore shareholders will receive $17 in cash and 0.2398 shares of Penn National common stock for each theScore share, which implies a total purchase consideration of $34 per share.
When the deal was announced, Jay Snowden, President and CEO of Penn National, commented: “We are thrilled to be acquiring theScore, which is the number one sports app in Canada and the third most popular sports app in all of North America.
“theScore’s unique media platform and modern, state-of-the-art technology is a powerful complement to the reach of Barstool Sports and its popular personalities and content.”
John Levy, Chairman and CEO of theScore, said: “This deal brings together two companies that share a vision for how media and gaming intersect, and we could not be more excited to join the Penn National family. I’m proud of theScore team and all of our accomplishments and believe the time is right to take the next step and align with a company in Penn National with the resources and scale to accelerate our business.”
Penn National Gaming shareholders are yet to vote on the proposed acquisition.
The deal was initially not expected to close until the first quarter of 2022. However, it is now expected to be completed on October 19, following approval from the Supreme Court of British Columbia.
Upon completion of the transaction, current Penn National and theScore shareholders will hold approximately 93% and 7% respectively, of the company’s outstanding shares.