NEW YORK - U.S. casino operator Boyd Gaming has approached Penn Entertainment to express interest in acquiring its peer, valued at more than $9 billion, including debt, according to people familiar with the matter.
The sources said there was no certainty Penn will engage in negotiations with Boyd. They asked not to be identified because the matter is confidential.Penn operates 43 casinos and racetracks across 20 U.S. states, according to its website. It also offers online sports betting and online casino gambling in several locations.
"Despite the activist letter, we don’t think any sort of formal strategic review at Penn is likely in the near-term with a clear ESPN Bet product roadmap; football season on the horizon; and higher/volatile interest rates still impacting overall M&A for now," the Truist analysts wrote. Boyd's casino operations overlap with Penn in some states, so Boyd would also likely be forced to divest some operations in those locations, the sources said.Canadian investors can hold undervalued TSX dividend stocks in a TFSA and benefit from outsized gains 2024 and beyond. The post How to Use Your TFSA to Earn $34,150 Per Year in Tax-Free Income appeared first on The Motley Fool Canada.Looking for passive income? You'll need to look beyond only dividends.