Penn National Gaming and PNG Acquisition Company terminate merger agreement
In connection with the termination of the merger agreement, Penn National Gaming will receive us$ 1.475 billion, which will consist of a us$ 225 million cash termination fee and the purchase of us$ 1.25 billion of Penn National Gaming’s redeemable preferred equity due 2015, by affiliates of Fortress, affiliates of Centerbridge, affiliates of Wachovia, and affiliates of Deutsche Bank.
Based on discussions between Penn National Gaming and PNG Acquisition Company, it became apparent to Penn National Gaming and its Board of Directors that the proposed merger transaction would not be completed without significant and lengthy litigation which is inherently unpredictable.
Further, it also became apparent to the company and its Board that a re-negotiated, reduced purchase price was not a viable option.
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