Penn National acquisition by Fortress, Centerbridge affiliates granted one more state approval

By Lisa Kerner

Charlotte, N.C., April 17 - The Pennsylvania State Horse Racing Commission approved the proposed merger of Penn National Gaming, Inc. and affiliates of Fortress Investment Group LLC and Centerbridge Partners, LP, subject to the suitability investigation being conducted by the Pennsylvania Gaming Control Board and the New Mexico Racing Commission.

Penn National also announced the pending merger received approval from the Mississippi Gaming Commission.

On March 20, Penn National announced the West Virginia Lottery Commission approved the transaction.

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 shareholders approved the $8.9 billion deal in December, and the Ohio Racing Commission granted its approval in November.

Penn National agreed to be acquired by the Fortress and Centerbridge affiliates in June 2007.

It was previously reported that the merger was slated to close in the second quarter of 2008.

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. If the merger is not completed by June 15, the $67.00-per-share merger consideration 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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