Penn National extends merger termination deadline to Oct. 13

New York, June 6 - Penn National Gaming, Inc. said it exercised its option to extend the end date for completing its leveraged buyout to Oct. 13 from June 15.

The Wyomissing, Pa., gaming and racing company delivered a notice to PNG Acquisition Co. Inc., an entity indirectly owned by funds managed by affiliates of Fortress Investment Group LLC and Centerbridge Partners, LP, the firms buying Penn National.

Both Penn National and the acquirers had the right to extend the completion deadline by 120 days if the only condition that has still to be met for closing the transaction is the receipt of gaming approvals.

Several state regulatory authorities are still considering the transaction and Penn National said it has concluded that the necessary approvals will not be obtained by June 15.

The $67.00 per share merger payment will increase by $0.0149 per day starting June 15.

Regulators still to decide on the merger are the Maine Harness Racing Commission, the Indiana Gaming Commission, the Illinois Gaming Board, the Missouri Gaming Commission and the Louisiana Gaming Control Board.

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