The offer of $67 a share for Penn National's stock represents a31% premium more than the closing price of $51.14 a share at theend of trading on the Nasdaq on June 14. By the close on Friday,June 15, shares had shot up more than 21% to $62.12 a share.

The deal allows Penn National to solicit rival bids for 45 days.According to a published report, a research note from a JP MorganSecurities analyst suggests Penn National could sell for as much as$80 a share.

The offer represents another chapter in private equity'scontinuing interest in betting on casinos. This April, Harrah'sshareholders approved a $17.1-billion offer by a partnershipbetween Apollo Management Group and Texas Pacific Group.http://www.globest.com/news/878_878/gsrwest/159550-1.html Less thantwo month's earlier, Station Casinos entered into an $8.8-billionbuyout agreement with Fertitta Colony Partners,http://www.globest.com/news/850_850/gsrwest/158333-1.html and, asGlobeSt.com also reported, Trump Entertainment Resorts isentertaining the idea of being acquired.http://www.globest.com/news/909_909/newjersey/160773-1.html