1 hour, 24 minutes ago PHILADELPHIA (Reuters) - Casino and racetrack operator Penn National Gaming Inc (PENN.O) said on Thursday its $6.1 billion takeover pact has been terminated, marking the latest leveraged buyout to crumble amid the tight credit markets and weak U.S. economy.Fortress Investment Group and Centerbridge Partners had agreed to buy the casino and racetrack operator last year for $67 a share.
Shares of Penn National have been under pressure for several months amid investors' concerns that the terms of the deal might be revised or that the buyout firms would fail to get funding for the deal at affordable rates.
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