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Since August 2007, the pace of withdrawn mergers has risen sharply, largely due to the difficulty in financing deals and the erosion of stock values that dropped along with the market.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: