Mergers and Acquisitions

DryShips Inc. (Nasdaq: DRYS) entered into agreements to sell: The Panamax vessel MV Primera 72,495 dwt built in 1998 for US $75 million, The Panamax vessel MV Paragon 71,259 dwt built in 1995 for US $61 million, The Panamax vessel MV Menorca 71,662 dwt built in 1997 for US $77 million.

DryShips also entered into agreemetns to acquire: A 75,228 dwt Panamax vessel built in 2008 which is expected to be delivered within 2008; A 75,204 dwt Panamax vessel built in 2007 which is expected to be delivered within 2008, A 75,000 dwt Panamax vessel under construction in China scheduled to be delivered during the fourth quarter of 2008, A 75,000 dwt Panamax vessel under construction in China scheduled to be delivered during the first quarter of 2009.

In line with its strategy of selling older vessels and replacing them with modern vessels, the Company has entered into agreements to acquire the following vessels from companies beneficially owned by George Economou, Chairman and CEO of DryShips Inc., on terms that the Company believes are comparable to those that may be obtained from an independent third party.

CEO, George Economou, said, "The transactions reiterate our positive outlook on the fundamentals of the drybulk industry and reinforce our position of taking advantage of the strong freight environment with our large, versatile and modern fleet."

Open Text Corporation (NASDAQ: OTEX) announced the acquisition of substantially all of the assets of Spicer Corporation (a privately held company) relating to its division that specializes in file format viewer solutions for desktop applications, integrated business process management (BPM) systems, and reprographics.

Approximately 30 employees from this Spicer division will be joining Open Text, most of whom are based in Kitchener, Ontario, Canada, located nearby Open Text's corporate headquarters. Open Text purchased the assets for approximately $12 million effective July 1, 2008. It is currently anticipated that the financial terms and future impact of the acquisition will not have a material effect on future financial results of Open Text.

Open Text Corporation (Open Text), develops, markets, sells, and supports enterprise content management (ECM) solutions. It offers its solutions both as end user products and as fully integrated modules. [SM]

Penn National Gaming, Inc. (Nasdaq: PENN) confirmed that it has entered into an agreement with Fortress Investment Group LLC (NYSE: FIG) and Centerbridge Partners, L.P. to terminate the proposed merger agreement whereby Penn National Gaming was to be acquired by PNG Acquisition Company for $67.00 per share.

In connection with the termination of the merger agreement, Penn National Gaming will receive $1.475 billion, which will consist of a $225 million cash termination fee and the purchase of $1.25 billion of Penn National Gaming's redeemable preferred equity due 2015, by affiliates of Fortress, affiliates of Centerbridge, affiliates of Wachovia, and affiliates of Deutsche Bank.

The company said, "it became apparent to Penn National Gaming and its Board of Directors that the proposed merger transaction would not be completed without significant and lengthy litigation which is inherently unpredictable. Further, it also became apparent to the Company and its Board that a re-negotiated, reduced purchase price was not a viable option."

Gilat Satellite Networks Ltd. (NASDAQ: GILT) announced that at a special meeting of shareholders held today its shareholders approved the Agreement and Plan Merger, dated March 31, 2008, among Gilat, Galactic Holdings Ltd. and Galactic Acquisition Company Ltd., pursuant to which Galactic Acquisition Company Ltd. will be merged into Gilat. Gilat will continue as the surviving entity and will become a wholly-owned subsidiary of Galactic Holdings Ltd. Approximately 61% of the shares entitled to vote were represented and voted at the meeting and 99% of such shares voted to approve the Agreement and Plan of Merger.

Gilat Satellite Networks Ltd. is a provider of Internet Protocol (IP) based digital satellite communication and networking products and services. The Company designs, produces and markets very small aperture terminals (VSATs), and related VSAT network equipment.[SM]

UPDATE: According to reports from CNBC's David Faber, Penn National Gaming Inc. (Nasdaq: PENN) has reached an agreement with private equity firms Fortress and Centerbridge to terminate the pending merger agreement.

As part of the deal, Penn National will receive $1.475 billion, which includes a cash termination fee and an equity infusion.