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Canada – Apollo’s deal to buy Great Canadian Gaming approved by Supreme Court

By - 5 January 2021

Apollo Global Management’s deal to buy Canadian casino group Great Canadian Gaming Corp. moved a step closer having been granted approval by the Supreme Court of British Columbia.

A spokesperson said: “Great Canadian Gaming Corporation has received approval from the Supreme Court of British Columbia of the statutory plan of arrangement under section 288 of the Business Corporations Act, pursuant to which Raptor Acquisition Corp., an affiliate of funds managed by affiliates of Apollo Global Management, will acquire all the issued and outstanding common shares of the company for C$45.00 in cash per Share.

“Assuming that the remaining conditions to closing are satisfied and the necessary regulatory approvals are obtained, it is expected that the closing of the Arrangement will be completed in the second quarter of 2021. Following completion of the Arrangement, it is anticipated that the Shares will be delisted from the Toronto Stock Exchange and the Company will apply to cease to be a reporting issuer under applicable Canadian securities laws.”

Apollo Global Management had to increase its takeover offer by 15.4 per cent after a group of shareholders threatened to block the original deal.
Peter Meredith, Chairman of the Board of Great Canadian, said: “The increased purchase price of C$45 per share unlocks greater value for shareholders, and the Company and Board appreciate the support of some of Great Canadian’s largest institutional shareholders for this Transaction.”

Apollo Partner Alex van Hoek added: ” Based on Apollo’s considerable experience in the gaming space, we see significant opportunity for Great Canadian to grow the business and bring an enhanced experience to guests as a privately held company with a longer-term view of success. As sponsors, we’re committed to providing Great Canadian with the financial and strategic flexibility to successfully manage COVID-19 challenges and accelerate future growth and innovation as the market leader in Canada.”

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