A Maryland attorney who is a shareholder of Penn National Gaming Inc. has filed a styled class-action lawsuit against the publicly-traded gaming company and certain of its executives over the failed buyout attempt by two investment entities.
Flush with settlement funds from a failed buyout attempt from private equity groups, Penn National Gaming Inc. said July 24 it is ready to examine the many options it has for its future.
Shares of Penn National Gaming Inc. rose July 7, following last week's news that two investment firms ended their planned $5.82 billion takeover of the casino and racetrack operator.
Penn National Gaming Inc. has entered into an agreement with PNG Acquisition Co., an entity indirectly owned by certain funds managed by affiliates of Fortress Investment Group LLC and Centerbridge Partners, L.P., to terminate the proposed merger agreement whereby PNGI was to be acquired by PNG Acquisition Co. for $67 per share.
Penn National Gaming Inc. said Feb. 7 fourth-quarter profit fell 63%, and the company blamed the losses in part on inclement weather at some of its largest properties.
Shares of Scientific Games Corp. tumbled to its lowest point in more than three years Jan. 16 as the lottery services supplier reeled from the loss of its third online contract within a month.
Penn National Gaming Inc., which operates casinos and racetracks, said Dec. 12 its shareholders overwhelmingly approved its $6.1-billion takeover by two investment companies.
Penn National Gaming has agreed to be acquired by two private funds for $8.9 billion, the company announced June 15.
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