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Great Canadian Gaming has announced that it has received the necessary regulatory clearances for its previously announced business combination.
Raptor Acquisition, an affiliate of funds controlled by affiliates of Apollo Global Management, will acquire all of the company’s issued and outstanding common shares at a price of C$45 per share under the agreement, which was originally agreed in November 2020 before being changed one month later.
The completion of the agreement is expected to take place on or around September 23, 2021, assuming that all usual closing requirements are met.
Following completion, the firm’s shares and debentures are expected to be delisted from the Toronto Stock Exchange, and the firm will apply to stop being a reporting issuer under Canadian securities laws.
Support of reopening
Peter Meredith, Great Canadian Gaming chair said: “On behalf of the company’s board of directors, I want to extend a sincere thank you to the entire Great Canadian team for their tireless efforts and dedication in not only supporting the significant amount of work undertaken to complete the Apollo transaction over the past ten months, but concurrently supporting the reopening of all of our properties across Canada.
“There was no playbook for our company to turn to in order to combat the unprecedented impact of the pandemic, but our team created a robust work plan to safely and successfully navigate through such turbulent times.
“To do this while also working to complete the Apollo transaction is truly remarkable and a testament to the commitment, work ethic and dedication of our management team.”
Great Canadian Gaming announced an amended agreement involving its takeover by funds run by Apollo Global Management affiliates in December 2020.
The revised agreement stated that Apollo Funds will purchase all outstanding common shares for C$45 per share in cash, an increase of approximately 15.4 percent over the previous purchase price of C$39 per share, representing a transaction with a total enterprise value surpassing C$3.3 billion.