The Score

Canaccord Genuity Acts as Financial Advisor to Score Media and Gaming on its US$2.0 Billion Sale to Penn National Gaming

Canaccord Genuity is pleased to announce that on August 5, 2021, Score Media and Gaming, Inc. (“Score”, “theScore”, or the “Company”) (TSX: SCR; Nasdaq: SCR) announced that they have entered into a definitive agreement whereby Penn National Gaming, Inc. (“Penn National” or “Penn”) (Nasdaq: PENN) will acquire theScore for approximately US$2.0 billion in cash and stock (the “Transaction”). The transaction unites theScore and Penn National to create the first-of-its-kind vertically integrated media and omni-channel gaming business, which brings together world-class technology, highly engaging sports content and unparalleled reach.

Under the terms of the definitive agreement, theScore shareholders will receive US$17.00 in cash and 0.2398 shares of Penn National common stock for each Score share, which implies a total purchase consideration of US$34.00 per Score share based on Penn National’s 5-day volume weighted average trading price as at July 30, 2021. Upon completion of the transaction, current Penn National and theScore shareholders will hold approximately 93% and 7% respectively, of the combined entity’s outstanding shares.

This Transaction is the culmination of over a decade long relationship between theScore and Canaccord Genuity which has been marked by numerous successful financings, advisory mandates and most recently a US$168m NASDAQ IPO in March 2021.