IGB also tells Penn National it will place the proposed Argosy transaction on each upcoming public meeting agenda to ensure it can be legally discussed and decided pursuant to regulations "at the earliest possible opportunity." According to a Penn National statement, the IGB staff also confirmed that being placed on the agenda and then tabled "is not prejudicial to the company, but rather a result of the IGB's workload."
Regulatory agencies in all other 12 jurisdictions in which Penn National and Argosy operate have authorized the transaction. The Federal Trade Commission has also approved a consent order permitting the acquisition, providing the planned sale of Argosy's Baton Rouge facility to Fort Mitchell, KY-based Columbia Sussex Corp. reaches completion within four to six months. Columbia Sussex has agreed to buy that facility for $150 million and provided Penn National with a 10%-deposit.
Calls to Penn National and Columbia Sussex regarding the progress of that sale and the status of that facility following Hurricane Katrina were not returned by deadline.
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