|
|
|
 |
Penn National Gaming Premium Share Takeover
JACKSON, MI --
In an announcement that surely has shareholders cheering, Penn National Gaming said today it received Mississippi Gaming Commission approval for its share buyout by 2 wealthy investment groups.
Fortress Investment Group LLC and Centerbridge Partners LP agreed to buy the company for $67 per share in June. The stock is currently trading at only around $40 per share.
The deal is expected to close late in the second quarter. According to the report, if the brokered deal is not finished by June 15th, the offer will go-up by a penny per share per day.
Shares of Penn National Gaming have been shaky recently. Many investors have been discouraged by the constant free-fall of the share price. Those who can hold and weather the storm should be rewarded by the time the deal goes through this summer.
In the world of US corporate casinos, a takeover is the purchase of one company by another. The term refers to the acquisition of a public company whose shares are listed on a stock exchange. Investors who own shares of the stock at takeover time are paid by the new company at the agreed upon price.
Previous USA Casino News Articles
Post A Comment
|
 |
|
|
|
