Penn gets New Mexico gaming board approval for acquisition

By Associated Press April 16, 2008 Comments (0)

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Racetrack and casino operator Penn National Gaming Inc. said it received New Mexico Gaming Control Board approval for its proposed acquisition by Fortress Investment Group LLC and Centerbridge Partners LP.

Fortress and Centerbridge's $67-per-share offer was accepted by Penn in June 2007.

The proposed transaction has already received approval from the Ohio Racing Commission, the New Jersey Racing Commission and the West Virginia Lottery Commission.

Penn shareholders approved the deal in December.

The transaction is still being reviewed by the New Mexico Racing Commission and the West Virginia Racing Commission, Penn said late Tuesday.

Penn is looking to complete the acquisition late in the second quarter.

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