Press release
Investigation announced for Investors in Golden Nugget Online Gaming, Inc. (NASDAQ: GNOG) over possible Wrongdoing at Acquisition
An investigation on behalf of investors of Golden Nugget Online Gaming, Inc. (NASDAQ: GNOG).
Investors who purchased shares of Golden Nugget Online Gaming, Inc. (NASDAQ: GNOG) and currently hold any of those NASDAQ: GNOG shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Golden Nugget Online Gaming, Inc. breached their fiduciary duties owed to NASDAQ: GNOG investors in connection with the proposed acquisition.
Houston, TX based Golden Nugget Online Gaming, Inc. operates as an online gaming and digital sports entertainment company
On August 09, 2021, DraftKings Inc. (Nasdaq: DKNG) and Golden Nugget Online Gaming, Inc. (Nasdaq: GNOG) announced that they have entered into an 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. Under the terms of the proposed agreement, Golden Nugget Online Gaming, Inc. (NASDAQ: GNOG) stockholders are expected to receive a fixed ratio of 0.365 shares of DraftKings’ common stock for each share of GNOG common stock they hold. Based on a closing price of $51.59 per NASDAQ: DKNG share on August 6, 2021, investors in Golden Nugget Online Gaming, Inc. (NASDAQ: GNOG) will receive a value of approximately $18.83 per NASDAQ: GNOG share
However, given that at least one analyst has set the high target price of $28.00 per NASDAQ: GNOG, the investigation concerns whether the offer is unfair to NASDAQ: GNOG stockholders. More specifically, the investigation concerns whether the Golden Nugget Online Gaming Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Golden Nugget Online Gaming, Inc. reported that its annual Total Revenue rose from $55.42 million in 2019 to $91.12 million in 2020.
Shares of Golden Nugget Online Gaming, Inc. (NASDAQ: GNOG) closed on September 24, 2021, at $18.44 per share.
Those who are current investors in Golden Nugget Online Gaming, Inc. (NASDAQ: GNOG) shares have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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