Penn National Cashes in on Barstool Euphoria With Share Sale
- Company will sell 14 million shares of its stock after surge
- Analyst cut rating as valuation is ‘priced to perfection’
Photographer: Chris Graythen/Getty Images
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Penn National Gaming Inc. is taking advantage of its nearly three-fold surge this year, helped by its minority interest in Barstool Sports, to sell 14 million shares of its stock.
The offering, underwritten by Goldman Sachs, BofA Securities and JPMorgan, will start trading on Friday, according to a person familiar with the matter who isn’t authorized to speak to the press. The timing means there will be no price range governing the share sale. The offering, announced early Thursday, represents 11% of the company’s public float as of Aug. 31, according to data compiled by Bloomberg.