By AP/KWMU
Charleston, WV – The Argosy Gaming Company of Alton, Ill. has been sold to Penn National Gaming.
Penn will pay $1.4 billion in cash for the company that runs, among other casinos, the Alton Belle.
Penn made an unsuccessful bid earlier this summer to buy the President casino in downtown St. Louis.
If regulators approve the sale, Penn would become the third-biggest operator of gambling properties in the country.
Argosy's other propoerties are in Missouri (Kansas City area), Louisiana, Iowa and Indiana.
The Pennsylvania-based Penn National said it will pay $47 per share for Argosy stock. Argosy's closing price per share was $40.75 per share before the deal was announced. Penn National will also assume $805 million of Argosy's long-term debt.
In extended trading, Argosy shares surged $5.16, or 12.7%, to $45.91 on the New York Stock Exchange.