Deals
Apollo Wins Over Canadian Casino Holders With 15% Higher Bid
- Private equity firm offers C$45 a share, up from C$39 a share
- Holders of 50% of shares have agreed to support the deal
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Apollo Global Management Inc. increased its offer for casino operator Great Canadian Gaming Corp. by 15%, winning over a group of shareholders that had threatened to block the deal.
The private equity firm’s new offer is C$45 a share, roughly where Great Canadian was trading in mid-February before the pandemic hit, up from a C$39 bid that a group of investors said undervalued the company. The equity value of the new proposal is slightly more than C$2.5 billion ($2 billion) based on a total of 56 million shares outstanding.