Proposal for the acquisition of Great Canadian Gaming Fund for Wall Street Apollo Global Management was approved by the court, the Canadian Casino operator said. The Supreme Court of British Columbia approved the transaction after Last week, the shareholders of Great Canadian voted for her.
Apollo, based in New York, first appealed to Great Canadian in August last year, reporting that he considers the proposal between 38 and 41 Canadian dollars for the share of Great Canadian. Then in early November, a private investment company submitted an official proposal in the amount of 39 Canadian dollars per share for the casino operator.
This offer APOLLO caused violent protests from some of the largest shareholders of Great Canadian, which complained that at a price of 3.3 billion Canadian dollars (about 2.5 billion US dollars) Apollo seriously underestimates the casino operator, especially considering the fact that the operator controls gambling institutions in the big Toronto.
Ultimately, Apollo raised its bid by almost 16% to 45 Canadian dollars per share. And at the meeting on December 23, about 79% of the shareholders of Great Canadian voted for the revised proposal. After confirming the shareholders and obtaining the approval of the Supreme Court, the transaction now requires the approval of regulatory authorities for closing. It is expected that the transaction will be closed in the second quarter of 2021.
Great Canadian, founded in 1982, manages 26 casinos and hospitality institutions in British Columbia, New Brunswick, New Scotland and Ontario. After the last Wave restrictions of COVID-19 in Ontario, the company is currently open only two objects – Casino New Brunswick, which works with a load of 25%, and Casino Nova Scotia Sydney, which works with a load of 20%.