Apollo increases Great Canadian Gaming Corp. offer by 15%, wins over shareholders
Apollo Global Management has upped its takeover offer of Great Canadian Gaming Corp. by 15%, enough to soothe over shareholders who had threatened to veto the deal.
The new offer is $45 a share, up from a $39 bid. The initial offer caused a group of GCGC investors to publicly denounce Apollo’s acquisition.
BNN Bloomberg, a Canadian financial outlet, reports that the upped price will be enough to win over the faction of investors unsatisfied with the original offer.
“Great Canadian’s Board of Directors, based on a recommendation from the Special Committee of independent directors, unanimously recommends shareholders vote in favour of the transaction,” said Great Canadian Gaming Chairman Peter Meredith.
GCGC operates 26 gaming properties Canada including 12 in the Ontario province.
Company shares were trading at 33.90 USD on the Toronto Stock Exchange late Monday, a 13.8% jump.
Orders from local officials have forced the company to temporarily close many of its properties as the Covid-19 surges.
Most recently the company suspended gaming operations at Elements Casino Brantford and racing operations at Flamboro Downs. GCGC said last week that six of its properties remain open under limited occupancy.
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