NEW YORK (AP) -- A $5.82 billion takeover of Penn National Gaming Inc. has been called off due a declining purchase price, the casino operator said Thursday.The buyers, Fortress Investment Group LLC and private equity firm Centerbridge Partners LP, had valued the deal at $67-per-share, but since the buyout was first announced last June, Penn shares have sagged 44 percent, recently bottoming at $28.20.
Shares of the Wyomissing, Pa.-based company fell 8 cents to $28.52 in morning trading. Fortress shares dipped 5 cents to $11.45.
Penn National said it was clear the takeover wouldn't be completed without "significant and lengthy litigation," and also said a re-negotiated, reduced purchase price "was not a viable option."
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