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Failed Merger Roundup: Penn Gaming Joins the List
Published:
Thursday, 3 Jul 2008 | 1:56 PM ET
Text Size 
By: Lindsay Sanchez,
Special to CNBC
Special to CNBC
The credit crunch and subprime mortgage crisis has taken its toll on deal-making.
Since August 2007, the pace of withdrawn mergers has risen sharply, largely due to the difficulty in financing deals and the erosion of stock values that dropped along with the market.
The latest company impacted by this trend is casino and racetrack operator Penn National Gaming [PENN
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]. Fortress Investment and Centerbridge Partners broke the $6.1 billion deal today when Penn National's stock dropped below $30 a share.
Below is a list of other failed mergers and acquisitions:
Failed Mergers and Acquisitions |
| Date Withdrawn | Target Name | Acquiror/Investor Name | Value ($mil) |
| 7/3/08 | Penn National Gaming | Fortress Investment Group | 6,100.0 |
| 06/25/08 | Post Properties Inc | Williams Realty Advisors LLC | 2,087.5 |
| 05/03/08 | Yahoo! Inc | Microsoft Corp | 43,711.6 |
| 04/18/08 | Alliance Data Systems Corp | Blackstone Capital Partners V | 6,705.6 |
| 03/20/08 | 3Com Corp | Huawei Technologies Co Ltd | 2,162.4 |
| 02/28/08 | MoneyGram International Inc | Euronet Worldwide Inc | 1,665.8 |
| 01/01/08 | PHH Corp | GE Capital Solutions Inc | 1,728.3 |
| 12/24/07 | United Rentals Inc | Cerberus Capital Management LP | 3,993.0 |
| 12/13/07 | SLM Corp | JC Flowers & Co LLC, Friedman Fleischer & Lowe LLC, Bank of America Corp, JPMorgan Chase & Co | 25,537.4 |
| 11/08/07 | Cablevision Systems Corp | 8,638.2 | |
| 11/01/07 | Leap Wireless Intl Inc | MetroPCS Communications Inc | 5,235.1 |
| 10/30/07 | Affiliated Computer Svcs Inc | Cerberus Capital Management LP | 6,197.8 |
| 10/01/07 | Acxiom Corp | Silver Lake ValueAct Capital Partners Lp | 2,209.4 |
| 09/21/07 | Harman International Inds Inc | Kohlberg Kravis Roberts & Co | 8,101.1 |
| 08/01/07 | Bausch & Lomb Inc | Advanced Medical Optics Inc | 4,220.3 |
| 07/16/07 | Lear Corp | American Re Partners LP | 2,190.0 |
| 7/12/07 | Huntsman Corp | Basell NV | 5,617.7 |
| 07/11/07 | Abbott Labs-Diagnostics Div | GE Healthcare Ltd | 8,130.0 |
| 07/09/07 | CBOT Holdings Inc | IntercontinentalExchange Inc | 11,260.1 |
| 06/21/07 | City Center | Tracinda Corp | 7,400.0 |
Source: Thomson Reuters |
© 2012 CNBC.com
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