Wednesday, December 12, 2007

Shareholders OK Penn National Takeover

Penn National Gaming, Inc. announced that, at a special meeting of shareholders held today, its shareholders approved the merger agreement providing for the acquisition of the Company by certain funds managed by affiliates of Fortress Investment Group LLC and Centerbridge Partner. Penn National is seeking to complete the transaction late in the second quarter of 2008. Penn National sold the Pocono Downs race track to the Mohegan Tribe, operates a small slot machine parlor at a Maine race track and other gaming facilities with a combined total of about 23,000 slot machines and 400 table games.