Penn National says takeover deal terminated

Penn National buyout is canceled A $5.82 billion takeover of Penn National Gaming Inc. has been called off due a declining purchase price, the casino operator said. The buyers, Fortress Investment Group LLC and private equity firm Centerbridge ...

The casino operator would have received $67 a share in cash from Fortress Investment Group and Centerbridge Partners. Now, Penn National will receive $1.475 billion, including both a $225 million breakup fee and a $1.25 billion equity investment by ...

Fortress Investment Group and Centerbridge Partners had agreed to buy the casino and racetrack operator for $US67 a share last year, just before the leveraged buyout bubble collapsed. Penn National shares have been under pressure for months on ...

On Thursday, two investment companies ended their $5.82 billion acquisition of the racetrack and casino operator. However, Penn National will get $225 million in cash as a termination fee, plus $1.25 billion in what amounts to no-cost capital until ...

Casino and race track operator Penn National Gaming said Thursday it had scrapped plans for an 8.9-billion-dollar takeover from private equity investors after failing to negotiate a lower sales price. The parties struck a deal in which Penn National ...

Two investment firms pulled the plug Thursday on their $5.82 billion acquisition of Penn National Gaming Inc. after the racetrack and casino operator's stock price tumbled...Penn National will get $225 million in cash as a termination fee, plus $1....

Penn National Deal Falls Apart July 3, 2008, 9:36 am Penn National Gaming said Thursday that it has terminated its $6.1 billion sale to two private equity firms, after agreeing that completing the deal would not be possible without a lengthy ...

Penn National also gave revenue estimates below Wall Street's expectations. The fate of the 13-month old takeover has been in question for months, with the stock trading far below the $67 buyout price....

The Wyomissing, Pa., company's stock slipped 56 cents, or 2 percent to $28.04, its lowest point in more than two years. The takeover had been having difficulty receiving all necessary state regulatory approvals in a timely fashion, and financing ...

Shares of the Wyomissing, Pa.-based company were down 8 cents to $28.52 in morning trading following the news...Based on the company's 86.9 million shares outstanding at May 1, the $67-per-share deal was valued at $5.82 billion. Since the buyout was ...