Court approves Great Canadian Gaming merger
Posted December 31, 2020 5:45 am.
Last Updated December 31, 2020 5:48 am.
This article is more than 5 years old.
TORONTO — Great Canadian Gaming Corp. says its deal to be acquired by a fund affiliated with Apollo Global Management Inc. has been granted court approval.
The casino operator says the Supreme Court of British Columbia signed off on the investment fund’s $45 per share takeover offer.
Apollo has previously said it expects its takeover of Great Canadian to help grow the business, since the privately held company will have more long-term financial flexibility.
Shareholders voted in favour of the deal on Dec. 23 after the investment fund sweetened its earlier offer by more than 15 per cent.
Great Canadian operates 26 gaming, entertainment and hospitality facilities in Ontario, British Columbia, New Brunswick, and Nova Scotia.
The gaming company says it will be delisted from the Toronto Stock Exchange after the deal is finalized in the second quarter of 2021, as long as regulatory and closing conditions come through.
This report by The Canadian Press was first published Dec. 31, 2020.
Companies in this story: (TSX:GC)
The Canadian Press
