theScore shareholders approve Penn National's takeover

Score Media and Gaming Inc announced Wednesday that holders of its Class A Subordinate Voting Shares and Special Voting Shares have voted in favor of the acquisition by Penn National Gaming by way of a Plan of Arrangement at the company’s special shareholder’s meeting held on October 12, 2021. 

The completion of the arrangement required the approval of at least two-thirds of the votes cast at the meeting in person or by proxy by company shareholders; and a majority of the votes cast at the meeting in person or by proxy by company shareholders, each voting as a separate class, excluding votes of persons whose votes must be excluded. In both cases, the voting reached a vast majority of 99.96% in favor of the acquisition. 

The arrangement is expected to close on October 19, 2021, subject to receipt of a final order in respect of the arrangement from the Supreme Court of British Columbia, and satisfaction or waiver of the other conditions to closing contained in the arrangement agreement with Penn National Gaming Inc.

We announced today that we are acquiring theScore, creating North America's leading digital sports content, gaming, and technology company. More info: https://t.co/cNHnQyUZZ0 pic.twitter.com/xH0JwhV3jF

— Penn National Gaming (@PNGamingInc) August 5, 2021

Penn National’s agreement to acquire Canadian sportsbook theScore was announced in August, for a total of $2 billion in cash and stock. The company is the top sports app in the country, where single-event wagering has recently become legal.

Penn National Gaming received in August approval from the Minister of Canadian Heritage under the Investment Canada Act for the acquisition.