GNOG’s 46% beneficial owner, Tilman Fertitta, has agreed to hold the DraftKings shares he will receive in the merger for a minimum of one year following its completion. As a result of the Board’s approval, the Merger Agreement and the transaction will now be voted on by the stockholders of GNOG.
Full Answer
What will happen to Gnog stock when the deal closes?
Aug 09, 2021 · GNOG stock is hitting the jackpot with its new deal. The company is being acquired by sports-betting magnate DraftKings for $1.5 billion.
Is GNOG stock a buy after DraftKings bought SBTech?
May 10, 2022 · DraftKings has officially acquired Golden Nugget Online Gaming (GNOG) as of May 5, 2022. The company announced the news amidst its Q1 earnings report the following day. DraftKings reported $417 million in Q1 revenue, exceeding its midpoint of guidance by $7 million, fueled primarily by a 44% increase in B2C segment revenue over the prior year ...
Is Golden Nugget (Gnog) stock worth $17?
Aug 09, 2021 · BOSTON and HOUSTON, Aug. 09, 2021 (GLOBE NEWSWIRE) -- DraftKings Inc. (Nasdaq: DKNG) and Golden Nugget Online Gaming, Inc. (Nasdaq: GNOG) today announced that they have entered into a definitive ...
What awards has Gnog won?
Oct 19, 2021 · Upon the closing of the deal, each GNOG shareholder will get 0.365 of a share of DKNG stock for every share of Golden Nugget they own. Source: Lori Butcher / Shutterstock.com Since DKNG stock...
When did the Golden Nugget merger happen?
Under the terms of the merger agreement entered into on August 9, 2021 (the “Merger Agreement”), Golden Nugget Online Gaming stockholders would receive a fixed ratio of 0.365 shares of New DraftKings’ Class A Common Stock for each Common Share of Golden Nugget Online Gaming they hold on the record date (the “Exchange Ratio”). Tilman Fertitta, who owns beneficially approximately 46% of the equity in GNOG, has agreed to continue to hold the DraftKings shares to be issued to him in the merger for a minimum of one year from the closing of the transaction.
Who approved the merger of Golden Nugget?
The Board of Directors of Golden Nugget Online Gaming (the “GNOG Board”), acting upon the unanimous recommendation of a committee of independent and disinterested directors established by the GNOG Board (the “Special Committee”), approved the Merger Agreement and the transaction, and resolved to recommend Golden Nugget Online Gaming’s stockholders vote to approve the Merger Agreement and the transaction.
What is the deal between Draftkings and Golden Nugget?
BOSTON and HOUSTON, Aug. 09, 2021 (GLOBE NEWSWIRE) -- DraftKings Inc. (Nasdaq: DKNG) and Golden Nugget Online Gaming, Inc. (Nasdaq: GNOG) today announced that they have entered into a definitive agreement for DraftKings to acquire Golden Nugget Online Gaming in an all-stock transaction that has an implied equity value of approximately $1.56 billion. The acquisition will enable DraftKings to leverage Golden Nugget’s well-known brand, iGaming product experience and existing combined database of more than 5 million customers. In connection with the acquisition, DraftKings has entered into a commercial agreement with Fertitta Entertainment, Inc., the parent company of the Houston Rockets, Golden Nugget, LLC and Landry’s LLC, and a leader in the gaming, restaurant, hospitality, and sports entertainment industry.
Who is the financial advisor for Golden Nugget?
Raine Group is serving as exclusive financial advisor and Sullivan & Cromwell LLP is serving as legal counsel to DraftKings. Jefferies LLC is serving as lead financial advisor to Golden Nugget Online Gaming. White & Case LLP is serving as legal counsel and Spectrum Gaming Capital is acting as financial advisor to the Special Committee of the board of Golden Nugget Online Gaming.
Does Draftkings have cross promotion?
DraftKings expects to see revenue uplift from additional cross-promotion opportunities, which will expand the Company’s customer base by engaging a loyal iGaming-first customer. Additionally, there are anticipated revenue synergies through potential technology and game expansion, including Live Dealer offerings.
How much money did Golden Nugget make in 2022?
Now, analysts expect the company to make $129 million in revenue this year and $202.2 million in 2022, according to Seeking Alpha. This shows that sales growth will be 56.7% next year.
Is 17.9% a bad deal?
Having to issue just 17.9% more shares for a company that will increase sales by 11.4% is not a bad deal . Ideally, you want to issue one dollar of stock for one dollar in sales. But paying a little over that is also not the worst thing when the purchased company has fast growth.
Is Draftkings buying Golden Nugget?
DraftKings (NASDAQ: DKNG) announced on Aug. 9 that it will purchase Golden Nugget Online Gaming (NASDAQ: GNOG) in an all-stock transaction. Upon the closing of the deal, each GNOG shareholder will get 0.365 of a share of DKNG stock for every share of Golden Nugget they own.
Who is buying GNOG Stock?
A leader in online gaming, Golden Nugget was the first to introduce Live Dealer and Live Casino Floor to the U.S. market and is considered a market leader by its peers. Awarded 15 eGaming Review North America Awards, including “Operator of the Year” honors in 2017, 2018, 2019, and 2020, GNOG has won several prestigious industry awards.
Transaction details
The transaction will also engage DraftKings in a holding company reorganization in which New DraftKings will be formed.
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When did the Golden Nugget merger happen?
Under the terms of the merger agreement entered into on August 9, 2021 (the “Merger Agreement”), Golden Nugget Online Gaming stockholders would receive a fixed ratio of 0.365 shares of New DraftKings’ Class A Common Stock for each Common Share of Golden Nugget Online Gaming they hold on the record date (the “Exchange Ratio”). Tilman Fertitta, who owns beneficially approximately 46% of the equity in GNOG, has agreed to continue to hold the DraftKings shares to be issued to him in the merger for a minimum of one year from the closing of the transaction.
Who approved the merger of Golden Nugget?
The Board of Directors of Golden Nugget Online Gaming (the “GNOG Board”), acting upon the unanimous recommendation of a committee of independent and disinterested directors established by the GNOG Board (the “Special Committee”), approved the Merger Agreement and the transaction, and resolved to recommend Golden Nugget Online Gaming’s stockholders vote to approve the Merger Agreement and the transaction.
Who bought Golden Nugget?
BOSTON, MA, AND HOUSTON, TX - August 9, 2021 -- DraftKings Inc . (Nasdaq: DKNG) and Golden Nugget Online Gaming, Inc. (Nasdaq: GNOG) today announced that they have entered into a definitive agreement for DraftKings to acquire Golden Nugget Online Gaming in an all-stock transaction that has an implied equity value of approximately $1.56 billion. The acquisition will enable DraftKings to leverage Golden Nugget’s well-known brand, iGaming product experience and existing combined database of more than 5 million customers. In connection with the acquisition, DraftKings has entered into a commercial agreement with Fertitta Entertainment, Inc., the parent company of the Houston Rockets, Golden Nugget, LLC and Landry’s LLC, and a leader in the gaming, restaurant, hospitality, and sports entertainment industry.
Does Draftkings have cross promotion?
DraftKings expects to see revenue uplift from additional cross-promotion opportunities, which will expand the Company’s customer base by engaging a loyal iGaming-first customer. Additionally, there are anticipated revenue synergies through potential technology and game expansion, including Live Dealer offerings.
