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To merge or not to merge

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I run two websites which both operate in the same niche (vouchers)

They both have a PR4 and are of a simmilar age but I have been more involved in one site which now ranks much better and gets most visitors.

Getting tired of having to place the same codes and offers on two sites I am thinking about merging them by doing a 301 from the less successful site to the one which gets most visitors.

What would you guys do? Keep 2 seperate sites or merge them into one site?

Has anyone done this before and what where their findings? Penalty, drop in traffic or did it just give you a good seo boost?

Thanks
 
I'd merge them with 301's it works pretty well from my experience and it will also cut down on admin in the long term. It might get a little complicated with social pages, etc. though...
 
Thanks for your reply, there are no social pages involved so that shouldn't be an issue.

Just worried that it might cause a Google penalty or a drop in rankings due to the merger.
 
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