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Apollo Global Makes Improved Offer for Great Canadian Takeover

Posted on December 23, 2020 | 8:51 am

Apollo Global Management, a powerful private equity firm, made an improved offer for Great Canadian Gaming Corporation, to persuade the shareholders to accept the takeover bid.

Last month, the firm made an offer worth just over 2.5 billion United States dollars for the Canadian land-based casino operator, but it seems the shareholders were not impressed by the price.

The proposed deal was supposed to have Apollo purchase all outstanding shares issued by Great Canadian Gaming at a price of 39 Canadian dollars per share. The buyer also stated that it would not move Great Canadian’s headquarters from Toronto, and also insisted that the management team would remain Canadian, as well as the majority of the board members.

Great Canadian Gaming’s board had accepted the offer in November, stating that Apollo’s “extensive experience in the gaming sector will provide additional strategic benefits to help expand our gaming and hospitality offerings and to secure our position as a long-term market leader.”

But the shareholders were more interested in the price per share than the capabilities of the investor. According to Bloomberg, Apollo made a fresh offer of 45 Canadian dollars per share, which is the trade value of Great Canadian shares in February, when the coronavirus pandemic started affecting the business.

The new offer is likely to secure the approval of the majority of the shareholders, and that will put the multi-billion takeover bid across the line.

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A Leader in the Gaming and Entertainment Industry

Great Canadian Gaming Corporation was established in 1982 and since then it has evolved into one of the largest gaming and entertainment companies in the country.

The company owns 26 land-based casinos and gaming venues in Ontario, British Columbia, Nova Scotia and New Brunswick, with over 16,000 slot machines, 575 table games, 71 dining amenities and over 500 hotel rooms.

There are currently 9,500 employees working for Great Canadian Gaming Corporation across the country, and the investors propose plans that would increase that number in the coming years.

At the end of November, Great Canadian decided to suspend activity at two of its venues in the province of Ontario, Casino Ajax and Great Blue Heron Casino, due to new government restrictions related to the pandemic.

Source: “Apollo Wins Over Canadian Casino Holders With 15% Higher Bid“Bloomberg. December 21, 2020.

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