A major deal is moving forward. Analysts and stockholders alike want to know the outcome of the Great Canadian Corporation takeover by Apollo Global Management.
A major amount is in play. If the $2.5 billion offer is accepted, the casino operator in British Columbia will have a new majority owner. The deal has already been through the provincial Supreme Court.
The Canadian Press news service has all the details about the New York-listed private alternative investments management firm and its takeover target. The November offer of $2.1 billion got a snub from minority investors in Great Canadian.
Now, however, Apollo has upped the ante. It should be well worth it given the twenty-five facilities at stake in Ontario, Nova Scotia, British Columbia and New Brunswick. It comes to $34.87 a share.
Upon completion of the acquisition, Great Canadian will be subject to various regulatory and closing conditions. Of course, Apollo will fold its asset into their portfolio of $335 billion. Did someone say a deal made in heaven?
Apollo’s Alex Van Hoek reported said that his firm has “considerable experience in the gaming space’ courtesy of its former ownership of Harrah’s Entertainment, which later changed its name to Caesars Entertainment Corporation.
He purportedly stated that the company also holds significant stakes in other gambling-friendly enterprises. They include Italian sportsbetting operator Gamenet Group SpA and European lottery giant Sazka Group AS.
Apollo clearly has the goods to help Great Canadian Gaming Corporation accelerate future growth and innovation as the market leader in Canada.