The offer of $67 a share for Penn National's stock represents a 31% premium more than the closing price of $51.14 a share at the end 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 Morgan Securities analyst suggests Penn National could sell for as much as $80 a share.

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