Penn National shareholders to decide merger on Dec. 12

By Lisa Kerner

Charlotte, N.C., Nov. 7 - Penn National Gaming, Inc. will hold a special meeting of shareholders at 10 a.m. ET on Dec. 12.

Shareholders of record as of Nov. 7 will vote on the company's acquisition by affiliates of Fortress Investment Group LLC and Centerbridge Partners, LP, according to a company news release.

It was previously reported that Penn National shareholders will receive $67 per share in an all-cash transaction valued at about $8.9 billion, including the repayment of some $2.8 billion of Penn National's outstanding debt.

There are no financing conditions; however, if the merger is not closed by June 15, 2008, the per-share price will be increased by $0.0149 per day.

Penn National, located in Wyomissing, Pa., owns and operates casino and horse racing facilities.

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