Penn National , Argosy Shares Soar

4 Nov 2004

CHICAGO, Illinois – As reported by the CBS MarketWatch: "Shares of both Penn National Gaming Inc. and Argosy Gaming Co. soared Thursday as investors bet that the pending combination of the two second-tier gambling companies would come up a big winner in the rapidly consolidating industry.

"Late Wednesday, Wyomissing, Pa.-based Penn said that it would swallow up 'riverboat' casino operator Argosy for $2.2 billion in cash and assumed debt. Penn will pay $47 in cash for each outstanding share of Argosy.

"Shares of Argosy rose 11.6 percent in early action, reaching $45.47, while Penn did even better, rising nearly 28 percent to $52.95.

"…a note to investors, Merrill Lynch analyst David Anders said the deal was an 'excellent strategic fit and highly accretive' for Penn…"

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	Penn National , Argosy Shares Soar 4 Nov 2004 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> CHICAGO, Illinois – As reported by the CBS MarketWatch: "Shares of both Penn National Gaming Inc. and Argosy Gaming Co. soared Thursday as investors bet that the pending combination of the two second-tier gambling companies would come up a big winner in the rapidly consolidating industry. "Late Wednesday, Wyomissing, Pa.-based Penn said that it would swallow up 'riverboat' casino operator Argosy for $2.2 billion in cash and assumed debt. Penn will pay $47 in cash for each outstanding share of Argosy. "Shares of Argosy rose 11.6 percent in early action, reaching $45.47, while Penn did even better, rising nearly 28 percent to $52.95. "…a note to investors, Merrill Lynch analyst David Anders said the deal was an 'excellent strategic fit and highly accretive' for Penn…"

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Penn National , Argosy Shares Soar