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theScore shareholders approve acquisition by Penn National Gaming


Shareholders in Score Media and Gaming (theScore) have overwhelmingly voted to approve the proposed acquisition of the business by Penn National Gaming.

During a special meeting yesterday (October 12), 99.96% of the votes cast by shareholders were cast in favour of the deal, with just 0.04% against.

Penn in August agreed to acquire theScore in a $2.0bn cash-and-stock deal, with its chief executive Jay Snowden saying that he planned to migrate Penn’s betting products to a platform currently under construction at theScore.

TheScore is currently developing its own platform, part of a wider operational overhaul.

The acquisition is subject to a host of regulatory approvals and other conditions, including the consent of shareholders in both businesses.

Penn National Gaming shareholders are yet to vote on the proposed acquisition, but last week the Minister of Canadian Heritage, under the Investment Canada Act, approved the proposition.

The deal was initially set to close in early 2022, but Penn last week said it is now expected to complete on 19 October, following approval from the Supreme Court of British Columbia.

Should the deal go ahead as expected, theScore shareholders would hold approximately 7% of the new combined business, and current Penn shareholders the remaining 93%.