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Article: Penn National Gaming Completes Acquisition of Argosy Gaming Company.
- Article from:
- Business Wire
- Article date:
- October 3, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WYOMISSING, Pa. -- Penn National Gaming, Inc. (NASDAQ:PENN) announced today that it has completed the acquisition of Argosy Gaming Company (NYSE: AGY). As previously announced, Argosy stockholders are receiving $47.00 per share in cash for each share of common stock. The acquisition is valued at approximately $2.2 billion, including approximately $791.3 million of long-term debt of Argosy and its subsidiaries. The acquisition is expected to be immediately accretive to Penn National's earnings per share. Separately, Penn National announced today the closing of a $2.725 billion senior secured credit facility to fund the acquisition and to provide additional working capital. ...