CasinoCityTimes.com

Gurus
News
Newsletter
Search News Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Related Links
Related News

Gaming News

 

Penn National Gaming secures approval from West Virginia

16 May 2008

WYOMISSING, Pennnsylvania -- (PRESS RELEASE) -- Penn National Gaming, Inc. (PENN: Nasdaq) (the "Company") today announced it received approval from the West Virginia Racing Commission for the pending merger of the Company and an entity indirectly owned by certain funds managed by affiliates of Fortress Investment Group LLC (NYSE: FIG - News) ("Fortress") and Centerbridge Partners, L.P. ("Centerbridge").

On June 15, 2007, Penn National Gaming announced that it had entered into a definitive agreement to be acquired by PNG Acquisition Company Inc., an entity indirectly owned by certain funds managed by affiliates of Fortress and Centerbridge. Under the terms of the merger agreement, if the merger is completed by June 15, 2008, the Company's shareholders will be entitled to receive $67.00 in cash, without interest, for each share of Company common stock they own. If the merger is not completed by June 15, 2008, the $67.00 per share merger consideration will be increased $0.0149 per day.

In connection with the pending merger, Penn National Gaming filed a definitive proxy statement and other documents with the Securities and Exchange Commission that include additional information on the transaction (see "About the Transaction" at the end of this news announcement).

Penn National Gaming is seeking to complete the merger in the second quarter of 2008. The timing of the closing is subject to obtaining certain regulatory approvals and satisfying other customary closing conditions. At a special meeting of shareholders held on December 12, 2007, Penn National Gaming shareholders approved the merger agreement. Also, in December 2007, the applicable waiting period under the Hart-Scott-Rodino Act expired without Fortress, Centerbridge or the Company receiving a second request for information.

< Gaming News

Penn National Gaming secures approval from West Virginia is republished from Online.CasinoCity.com.