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Fortress, Centerbridge to acquire Penn National Gaming in $8.9bn transaction18/06/2007. Source: AltAssets. 
 US company Penn National Gaming has agreed to be acquired by New York-headquartered firms Fortress Investment Group and Centerbridge Partners in an all-cash transaction valued at approximately $8.9bn, including the planned repayment of approximately $2.8bn of Penn National's outstanding debt.
Shareholders would receive $67 in cash for each outstanding Penn National share, representing a premium of approximately 31 per cent over Penn National's closing share price on 14 June 2007, according to a statement.
The board of directors has recommended that Penn National shareholders adopt and approve the merger agreement.
Penn National owns and operates casino and horse racing facilities with a focus on slot machine entertainment. The company operates 18 facilities in fourteen jurisdictions including Colorado, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia and Ontario.
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