Apollo hikes bid for Great Canadian Gaming
New York-based hedge fund Apollo Global Management has won over key investors in its bid to take Great Canadian Gaming Corp. private, after raising its offer to $45 per share.
The new price represents a 15.4 per cent increase over its previous offer of $39 per share, enough to win support from major shareholders like Toronto-based hedge fund BloombergSen, which had threatened to oppose the deal.
“The increased purchase price of $45 per share unlocks greater value for shareholders, and the company and board appreciate the support of some of Great Canadian’s largest institutional shareholders for this transaction,” said Peter Meredith, chairman of Great Canadian’s board of directors.
The latest offer from Apollo prices Great Canadian’s shares at where they were trading in February, before the pandemic forced restrictions on the company’s 26 gaming, entertainment and hospitality properties across Canada.