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Penn National Gaming Inc. Message Board

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  • tlc179cg tlc179cg May 17, 2008 5:43 AM Flag

    Watch the options, Watch the State Approvals!!

    I agree that approvals are not a concern. In the proxy statement there is a provision for a 120 day extension if necessary to put approvals in place. The approvals are not a concern. The banks are not a concern. FIG is the only wild card. Are they thinking they overpaid and will try to get a price cut? I really dont know. A lot of message board posters, with good, well thought arguments, have been both pro and con, on this issue. IMO based on EPS, the deal doesnt appear to have $67 per share value. However if you look at EBITDA, FIG can pay the interest on the debt pretax and still earn a few bucks at todays earnings. If earnings improve, they will make decent money. Although they might have some buyers regret about price, IMO it is still a good deal and the downside to walking in reputation and money would lead us to think the deal gets done. Pay your money take your chances.

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    • Wasn't it FIG and the rest who were the ones who decided on the $67 buy-out price and NOT PENN????I don't see how they can then say "we want to lower the offer"??????HOWEVER< even if they did such, I don't think they would be able to go below $61 ???????!!!!!!! wboyce3

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