British Columbia court approves Great Canadian Gaming merger
The Supreme Court of British Columbia has approved Apollo Global Management Inc.’s acquisition of Great Canadian Gaming Corp.
The ruling comes a week after 79% of Great Canadian shareholders voted in favor of the merger following Apollo’s increased offer of C$45 per share for a $1.96bn buyout.
Great Canadian operates 26 gaming properties across the country but only two are currently operating amid Covid-19 related closures.
Apollo’s initial offer to acquire the gaming company was rejected by several GC shareholders, who felt the investment manager firm had deliberately undervalued GC. Facing a potential veto of its acquisition, Apollo improved its offer to satisfy dissenting shareholders.
The court approval caps an up-and-down past couple months for Apollo’s efforts to reclaim interest in the gaming industry. Apollo expressed interest in purchasing United Kingdom sportsbook William Hill but ultimately lost out to Caesars Entertainment.
Gaining control of GC is a nice consolation, nonetheless, especially if Canada’s House of Commons approves a bill to allow single-event sports betting.
The legislature adjourned before Christmas break without a hearing on the bill, C-13. Debate is expected to pick up in early 2021 and a vote could be cast as early as January.
If Canada legalizes single-event sports betting, GC’s properties would be poised to profit in the coming years.
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