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Casino operator Penn National to buy Pinnacle Entertainment in $2.8 billion deal

William Thomas Cain | Getty Images

U.S. casino operator Penn National Gaming said on Monday it would buy Pinnacle Entertainment in a cash and stock deal valued at about $2.8 billion.

Pinnacle said its shareholders would receive $20.00 in cash and 0.42 shares of Penn National common stock for each Pinnacle share, which implies a total purchase price of $32.47 per Pinnacle share.