Penn Entertainment (NASDAQ:PENN) stock is in the news Friday as reports spread that the company has received an acquisition offer from Boyd Gaming (NYSE:BYD).
According to these reports, Boyd Gaming is looking to acquire Penn Entertainment for more than $9 billion. However, Boyd Gaming would have to overcome several hurdles first.
The first of these is Penn Entertainment even taking part in negotiations. The offer from Boyd Gaming is unsolicited and may be ignored. There are also regulatory issues, with both companies needing approval across several states.
On top of that, Boyd Gaming is smaller than Penn Entertainment. This could make it hard for the company to secure the cash for a transaction.
Finally, Penn Entertainment is currently in a partnership with ESPN. That means any deal would have to secure the approval of ESPN parent company Disney (NYSE:DIS). It’s unclear how Disney feels about the potential deal.
PENN Stock Movement Today
PENN stock investors don’t appear overly excited about the prospect of a deal with Boyd Gaming. The stock is currently down 4.4% as of Friday afternoon. This comes with some 3.6 million shares traded. The company’s daily average trading volume is about 6.6 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
