Pending merger of Penn National Gaming, Fortress Investment clears regulatory hurdle

By Lisa Kerner

Charlotte, N.C., March 20 - The West Virginia Lottery Commission has approved the pending merger of Penn National Gaming, Inc. and affiliates of Fortress Investment Group LLC and Centerbridge Partners, LP.

In June 2007, Penn National agreed to be acquired by the Fortress and Centerbridge affiliates and expected to close the transaction in the second quarter of 2008, according to a company news release.

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

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

The Ohio Racing Commission approved the merger in November, and Penn National shareholders approved the $8.9 billion deal in December.

On Feb. 6, the New Jersey Racing Commission approved the merger, subject to several customary conditions including final approval of the meeting's minutes by the Attorney General of New Jersey, a prior news release stated.

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

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