Apollo’s Great Canadian Bid Wobbles as CI Rejects Bid and ISS Says No
- Funds managed by CI Financial will vote 14% stake against bid
- Glass Lewis, ISS advise clients to reject deal on valuation
River Rock Casino in British Columbia.
Photographer: Darryl Dyck/BloombergThis article is for subscribers only.
Apollo Global Management Inc.’s bid for Great Canadian Gaming Corp. has hit more trouble, with a top shareholder publicly rejecting the $2.5 billion deal and two proxy advisory firms saying investors should turn it down.
CI Financial Corp.’s global asset management unit, which holds 14% of Great Canadian Gaming in various funds, said Wednesday that managers of those funds plan to vote against the offer. Glass Lewis & Co. and Institutional Shareholder Services also released reports opposing the deal.