05:36 PM EDT, 06/20/2024 (MT Newswires) -- (Updates with Penn Entertainment's ( PENN ) response.)

Penn Entertainment ( PENN ) surged 10% in Thursday's regular session after it was approached by rival Boyd Gaming ( BYD ) about a potential merger, Reuter reported Thursday, citing people familiar with the matter.

There is no certainty Penn will engage in talks, the sources told the news outlet. A deal could value Penn at as much as $9 billion, including debt, while Boyd would have a market value of around $7.8 billion, including debt, according to the report.

Penn Entertainment ( PENN ) declined to comment when contacted by MT Newswires, while Boyd Gaming ( BYD ) did not immediately respond. Boyd shares finished the trading session 2% lower.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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