Great Canadian Gaming is subject to an acquisition by the prominent PE fund Apollo at C$39/share in cash. Apollo Global Management who only yesterday announced it had invested €500m into gaming and lottery operator Sazka Group. Great Canadian Gaming Corp.’s proposed acquisition by a fund affiliated with Apollo Global Management Inc. has moved a step closer to completion following approval by Investment Canada. Following close of the transaction, Great Canadian will remain headquartered in Toronto, led by a Canadian management team and with Canadian board members. Great Canadian was hosting a public conference call to discuss the offer. Casino operator Great Canadian Gaming, a company in which BloombergSen holds a 14% stake, had the previous evening announced its intention to sell to private equity firm Apollo for $39 per share. Early opposition to the takeover was rooted in the timing of Apollo’s announcement, as well as frustration about executive compensation under the proposed takeover. Apollo Global Management said it has inked a deal to snap up Great Canadian Gaming Corp. for a total enterprise valuation exceeding C$3.3 billion ($2.53 billion).According to … Alex van Hoek, Partner at the firm, said: “Great Canadian is a leader in the gaming and entertainment industry and, based on our experience and knowledge of the space, we see opportunities to work with their talented team to drive additional growth and value. Major Canadian gaming company has agreed to be acquired by Apollo Global Management Inc in a deal worth more than $ 3 billion, the latest transformation of the … If so, it could give Apollo an inside edge and allow the private-equity firm to lowball its offer. Investors who own large blocks of Great Canadian Gaming Corp. plan to vote against Apollo Global Management Inc.’s $2.5 billion offer for the casino company, according to people familiar with the matter. The US igaming market will ‘likely’ be a ‘key focus’ for developers within the industry for the foreseeable future as it continues to gather... Next week’s CasinoBeats Slots Festival will provide another example of the increasing influence of streamers in the igaming industry when Fruity Slots and Jackpot... Having a thorough understanding of your target audience, and using that to build a relationship which is not solely transactional, is fundamental when it... Write CSS OR LESS and hit save. var idcomments_acct = 'a74bc6afaf40c6db1581bf0607dc0182'; “I am disturbed by the board not equipping the owners of the company with the information they need as fiduciaries to make sound and responsible decisions about their investment,” Madison managing partner Eli Samaha wrote in a letter to Great Canadian’s board Monday. And earlier said that it was interested in acquiring the European assets of William Hill has now bought the Great Canadian Gaming Corp for $2.5 billion. Burgundy Asset Management Ltd., the third-largest shareholder with a 9.5 per cent stake, already said it plans to vote against the deal and BloombergSen, which has a 14.5 per cent stake, has said the same. Posted on: December 14, 2020, 11:41h. Factoring in our long-term prospects, this transaction will unlock value for our shareholders at a significant premium to our current share price. You can reach us at Apollo will pay $39 a share for the Toronto-listed casino operator, Great Canadian Gaming said in a statement late Tuesday. Breach Inlet Capital, a longtime investor of Great Canadian Gaming Corp., says in a letter to GC’s Board of Directors that it will vote against Apollo Global Management’s acquisition offer. Great Canadian Gaming Corp. agreed to be acquired by Apollo Global Management Inc. in a deal valued at more than $3.3 billion, the latest shift for the casino industry that’s been hit by the COVID-19 pandemic. For more information about Apollo, please visit www.apollo.com. By Ezra Amacher. We’re excited for the company to welcome Great Canadian team members back to work, and we look forward to a time when employment and operations return to pre-COVID levels. toll free 1-866-216-0860, Editor Tom Nightingale, For advertising information, contact Chuck Nervick, 2021 Virtual Canadian Gaming Summit: Facing The Future Together. In a statement December 16, the money manager said it is “not supportive of the proposed plan of arrangement” between private-equity giant Apollo Global Management Inc. and Great Canadian. In a letter, Burgundy has said the COVID-19 pandemic put pressure on Great Canadian’s shares because casinos were forced to close across the country. Whilst there are some murmurings of discontent at a Canadian firm being bought out by a foreign investor, Apollo is keen to stress that they will be keeping operations and operational base in Canada, and it has been confirmed that the organisation will be … With an industry-leading portfolio of assets and established presence in the best geographic markets across Canada, we are excited to help bring an enhanced experience to more guests across Canada.”. Toronto-based Great Canadian operates 25 casinos in Ontario, British Columbia, New Brunswick and Nova Scotia. Apollo Mulls Upping Bid for Great Canadian Gaming After Investors Scoff at Initial Offer. RICHMOND (NEWS 1130) – Great Canadian Gaming has agreed to be bought by U.S. private equity firm Apollo Global Management. “We are of course also firmly committed to complying with applicable reopening rules as the health and safety of team members and guests will remain the highest priority.”. That led, the firm argued, to Apollo presenting an “underwhelming, unsolicited bid.” Meanwhile the industry’s fortunes in other regions have shown that demand for gambling will not suffer long-term damage. Last month Great Canadian said it was moving forward with development projects for sites in the Greater Toronto Area, including the Pickering Casino Resort and Casino Woodbine. When it comes to customer service, we employ a Total Satisfaction Guarantee. Private equity firm Apollo Global Management has acquired Great Canadian Gaming Corp. in a $2.5bn deal. Apollo Global Management, Inc. (NYSE: APO) has entered into a definitive agreement to acquire Great Canadian Gaming Corporation (TSX: GC) for CDN $39.00 per share for approximately CDN $2.29 billion in equity value or CDN $3.3 billion in total enterprise value. However, major shareholders with a combined ownership of 38% have opposed the merger and intend to vote against it. Great Canadian Gaming & Apollo Agree Increased Purchase Price Amid Shareholders' Resistance Updated December 21 2020. var idcomments_post_url; < Back     Copyright © Canadian Gaming Business Magazine. Great Canadian Gaming Corporation today announced that it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo Global Management, Inc. CTRL + SPACE for auto-complete. var idcomments_post_id; CEO Rod Baker stated: “The Board of Directors, based on a recommendation from the special committee of independent directors, has unanimously concluded that this transaction represents the best course of action for the company. “We are pleased that this transaction represents a great opportunity for our shareholders, while continuing to support the success of the business longer term. The U.S. buyer received approval under the Investment Canada Act for the Raptor Acquisition Corp. investment fund’s $45-per-share takeover offer. The World's Online Gaming Authority Since 1995 Search Сlose Great Canadian Gaming Corporation 39 Wynford Drive North York, ON M3C 3K5 Website: www.gcgaming.com. However, it is possible that Apollo will amend the terms of its bid and convince some shareholders to change their minds. A special meeting of shareholders and option holders of Great Canadian will be held virtually as originally scheduled on December 23 and the company has extended the voting deadline for receipt of proxies and voting instructions. Great Canadian Gaming operates 26 casinos across Canada, including venues in British Colombia, Ontario, Nova Scotia, and New Brunswick. Great Canadian Gaming Corp (GCGC) will be acquired by private equity firm Apollo Global Management in a deal worth $2.5 billion. The proposed acquisition of Great Canadian Gaming by Wall Street buyout fund Apollo Global Management has received court approval, the Canadian casino operator said Thursday. We believe this transaction is beneficial for our shareholders, our team members, our guests, and other stakeholders as we continue to execute on our operational and development plans into 2021 and beyond, while we navigate through this volatile time. Client care agents are available from: Monday to Friday: 8:30 a.m. to 10:00 p.m. That represents a 35% premium to the stock’s closing price of C$28.91. Great Canadian Gaming Corp. plan to vote against Apollo Global Management Inc. ’s $2.5 billion offer for the casino company, according to people familiar with the matter. Last updated on: December 14, 2020, 01:36h. Apollo Global Management Inc. has agreed to pay $39 per share in a $3.3-billion deal to acquire the Great Canadian Gaming Corporation, which operates 25 facilities across Canada … Fund managers at A number of top Great Canadian shareholders had already come out against the deal. Apollo Considering Improved Great Canadian Offer, Access the Canadian Gaming Summit summer 2020 webinar series. If you require immediate assistance, please call Kingsdale Advisors at 1-877-657-5856. Just last week, with the original offer on the table, the Globe and Mail had reported that CI Financial Corp. does not support Apollo Gobal Management's multi-billion takeover bid for Great Canadian Gaming Corp. and will vote against the deal, putting the proposed private-equity buyout in limbo one week before its scheduled shareholder vote. Apollo also anticipates that certain Canadian institutions may co-invest in the transaction to become equity owners in the company alongside the Apollo Funds upon completion of the acquisition. Shareholders holding approximately 50 per cent of Great Canadian's outstanding common shares have voiced support for the deal, but some leading shareholders had rejected the initial offer and takeover. Great Canadian Gaming Sold To Apollo For $2.5 Billion. Is it time for sports betting’s federal Excise Tax to go? Great Canadian Gaming Corp. agreed to be acquired by Apollo Global Management Inc. in a deal valued at more than $3.3 billion, the latest shift for the casino industry that’s been hit by the COVID-19 pandemic. 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Great Canadian Gaming said in a statement late Tuesday that Apollo would pay C $ 39 a share to the Toronto-listed casino operator This represents a 35 percent premium to the closing share price of $ 28 CAD91 The deal was approved unanimously by the Great Canadian Board of Directors. Fund managers at BloombergSen Inc. and CI Financial Corp. are … Great Canadian Gaming Corporation has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo Global Management Inc. Great Canadian Gaming and Apollo Global Management agree acquisition. Apollo will pay $39 per share for acquisition of the company. Great Canadian Gaming and Apollo Global Management agree acquisition. Great Canadian Gaming Corp said on Wednesday its shareholders had voted in favor of a sweetened deal that would see Apollo Global Management Inc buy the Canadian … The Supreme Court of British Columbia blessed the deal after Great Canadian shareholders voted in … “In addition, we believe 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.”. He added: “We also recognize the challenges of the current circumstances and are committed to working with the management team, regulators and health authorities to allow the company to reopen its properties as soon as it’s safe to do so. For Apollo’s bid to succeed, the New York-based private-equity firm requires holders of two-thirds of the stock to vote in favour of the $39-a-share offer. 35 % premium to our current share price $ 28.91 private-equity firm lowball... 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