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Failed Merger Roundup: Penn Gaming Joins the List
By: Lindsay Sanchez, , Special to CNBC | 03 Jul 2008 | 01:56 PM ET
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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Since August 2007, the pace of withdrawn mergers has risen sharply, largely due to the difficulty in financing deals and the erosion of stock values that dropped along with the market.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  Loading...      ()   ]. 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 WithdrawnTarget NameAcquiror/Investor NameValue ($mil)
7/3/08Penn National GamingFortress Investment Group6,100.0
06/25/08Post Properties IncWilliams Realty Advisors LLC2,087.5
05/03/08Yahoo! IncMicrosoft Corp43,711.6
04/18/08Alliance Data Systems CorpBlackstone Capital Partners V6,705.6
03/20/083Com CorpHuawei Technologies Co Ltd2,162.4
02/28/08MoneyGram International IncEuronet Worldwide Inc1,665.8
01/01/08PHH CorpGE Capital Solutions Inc1,728.3
12/24/07United Rentals IncCerberus Capital Management LP3,993.0
12/13/07SLM CorpJC Flowers & Co LLC, Friedman Fleischer & Lowe LLC, Bank of America Corp, JPMorgan Chase & Co25,537.4
11/08/07Cablevision Systems Corp8,638.2
11/01/07Leap Wireless Intl IncMetroPCS Communications Inc5,235.1
10/30/07Affiliated Computer Svcs IncCerberus Capital Management LP6,197.8
10/01/07Acxiom CorpSilver Lake ValueAct Capital Partners Lp2,209.4
09/21/07Harman International Inds IncKohlberg Kravis Roberts & Co8,101.1
08/01/07Bausch & Lomb IncAdvanced Medical Optics Inc4,220.3
07/16/07Lear CorpAmerican Re Partners LP2,190.0
7/12/07Huntsman CorpBasell NV5,617.7
07/11/07Abbott Labs-Diagnostics DivGE Healthcare Ltd8,130.0
07/09/07CBOT Holdings IncIntercontinentalExchange Inc11,260.1
06/21/07City CenterTracinda Corp7,400.0
Source: Thomson Reuters

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TOPIC : Mergers & Acquisitions
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COMPANY : Fortress Investment Group
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COMPANY : Penn National Gaming, Inc.
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