Penn National Gaming shareholders approve acquisition by investment group

By Lisa Kerner

Charlotte, N.C., Dec. 12 - Penn National Gaming, Inc. shareholders approved the company's acquisition by affiliates of Fortress Investment Group LLC and Centerbridge Partners, LP at a special meeting held on Wednesday.

With 81.6% of Penn National's outstanding shares voting, 99.3% of the shares were voted in favor of the transaction, according to a company news release.

The transaction, valued at $8.9 billion, is expected to be completed in the second quarter of 2008.

Under the companies' agreement, if the merger is completed by June 15, 2008, Penn National shareholders will be entitled to receive $67.00 cash per share.

If the merger is not completed by June 15, 2008, the $67.00-per-share merger consideration will be increased by $0.0149 per day, the release stated.

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

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