Why Golden Nugget Online Gaming Stock Soared Today
Shares of Golden Nugget Online Gaming (NASDAQ: GNOG) surged more than 50% on Monday after the company said it agreed to be acquired by digital sports entertainment giant DraftKings (NASDAQ: DKNG).
The all-stock deal values Golden Nugget at about $1.56 billion. Investors would receive 0.365 shares of DraftKings stock for each share of Golden Nugget they own. The transaction is expected to close in the first quarter of 2022, subject to regulatory and shareholder approval.
Draftkings wants to bolster its betting operations by purchasing Golden Nugget Online Gaming. Image source: Getty Images.
Source Fool.com
