Proposed acquisition of Penn National Gaming by investor group granted approval in West Virginia

By Lisa Kerner

Charlotte, N.C., May 15 - The West Virginia Racing Commission approved the proposed merger of Penn National Gaming, Inc. with affiliates of Fortress Investment Group LLC and Centerbridge Partners, LP, it was announced on Thursday.

It was previously reported that approvals were obtained from the Ohio State Racing Commission, New Jersey Racing Commission, West Virginia Lottery Commission, New Mexico Gaming Control Board, New Mexico Racing Commission, Pennsylvania State Horse Racing Commission and Mississippi Gaming Commission.

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 per-share merger consideration will be increased by $0.0149 per day, a Penn National news release said.

Shareholders approved the $8.9 billion transaction in December.

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

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