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This thing is going to be bumpy and may well be renegotiated to around $50. Longs term, we are probably better off holding the stock. Clear Channel privatization deal near collapse.
This deal will not be renogiated for a couple of reasons.PENN has terms that allows it to sue FIG for specific performance and tie up their assets. Hurt its reputation also.Second, a revised deal could allow the bank to back out.The only deal breaker is PENN screwing up the business in a material manner before close which would allow an excape.Banks are getting sued from walking as of late.