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Penn National Gaming Inc. Message Board

  • paintitlvs1 paintitlvs1 May 29, 2008 8:15 PM Flag

    PR language...

    Well we all knew the many jurisdictions would be a difficult process to close in 1 year.

    It appears this lastest PR does a few things:
    1- THE DEAL is a GO
    2- Approvals are going to delay the closing date.

    I didn't expect a june close and so am not surprises but I hope this juices penn and puts these Wall Streeters @ ease as to the deal flying!

    HET which was similar in approval/jurisdiction size closed a month late. I only hope penn can nail the last 5 or 6 approvals in the coming weeks. Let's hope this PR gooooses the stock tmrw

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    • This is the most interesting part of the PR to me:

      "In accordance with the terms of the merger agreement the Company and/or Parent may, upon written notice, elect to extend the expiration date of the merger agreement by 120 days, from June 15, 2008 to October 13, 2008."

      The big question is, what happens if FIG doesn't elect to extend the expiration date?

      • 2 Replies to mattr119
      • That caught me by surprise and now concerned...

        The "Company and/or Parent" is PNG Acquisition Company (Fortress). And, "may, upon written notice, elect to extend the expiration date of the merger agreement" also means they may elect not to extend the agreement. After June 15th there is no merger agreement if all approvals are not obtained. So this now hinges on getting the rest of approvals by the 15th or Fortress extending the agreement if they are not. If the approvals are obtained by the 15th the per day increase is in effect. But now PENN itself says it unlikely to obtain the rest of the approvals. I do believe this could be an out.

      • "In accordance with the terms of the merger agreement the Company and/or Parent may, upon written notice, elect to extend the expiration date of the merger agreement by 120 days, from June 15, 2008 to October 13, 2008."

        It looks like either party can extend the closing date upon written notice to the counter party.

 
PENN
14.20+0.38(+2.75%)Nov 28 1:00 PMEST

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