Apollo Increased The Cost Of The Transaction Great Canadian
Great canadian gaming corporation announced changes in the apollo acquisition agreement, under the office of apollo global management subsidiaries, inc. (together with its consolidated subsidiars "apollo"), in accordance with which apollo funds will acquire all those in circulation order shares of great canadian at a modified price of 45 canadian dollars ($ 34.93) per share in cash.
Modified purchase price is an increase of approximately 15.4% compared with the initial purchase price of 39 canadian dollars per share ($ 30.27). Shareholders owning approximately 50% in circulation of great canadian ordinary shares concluded agreement on the support of voting, in accordance with which the transaction for the purchase price of 45 canadian dollars per share. Supporting shareholders include funds managed by bloombergsen, ci global asset management, burgundy asset management ltd., madison avenue partners lp, hughes little investment management ltd., newtyn management llc, sand grove capital management llp, hawk ridge capital management and alpine associates management. Inc.
The company and special committee of the board of directors received updated conclusions from scotiabank and cibc world markets inc., in which it is said that taking into account the assumptions contained in them, reservations and restrictions as of december 20, 2020. In accordance with the agreement, the increase in price is fairly with a financial point of view in relation to great candian.
Peter meredith, chairman of the board of great canadian, said:
"The board of directors of great canadian, based on the recommendations of the special committee of independent directors, unanimously recommends that shareholders vote for the transaction. Increased purchase price of 45 canadian dollars per share highly appreciate and the board highly appreciate the support of this transaction by some of the largest institutional shareholders of great canadian ».
Partner apollo alex van hook notic:
"We are grateful to shareholders for strong support for our transaction. Based on the considerable experience of apollo in the game sphere, we see significant opportunities for great canadian for business development and improving the quality of guest service as a private company of guest a long-term vision of success. As sponsors, we strive to provide great canadian financial and strategic flexibility to successfully solve the problems of covid-19 and speeding up the future growth and innovation as a market leader in canada.
The previously announced extraordinary meeting of shareholders and holders of great canadian options ("special assembly") to consider the transaction will take place on december 23, 2020 at 11:00, as was originally scheduled.
Source: great canadian gaming corporation official website