Failed Merger Roundup: Penn Gaming Joins the List

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Since August 2007, the pace of withdrawn mergers has risen sharply, largely due to the difficulty in financing deals and the erosion of stock values that dropped along with the market.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 . 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Date Withdrawn	Target Name	Acquiror/Investor Name	Value ($mil)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

© 2008 CNBC.com