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Great Canadian Gaming Announces Amendment to its Substantial Issuer Bid
Great Canadian Gaming Announces Amendment to its Substantial Issuer Bid Canada New...
About this update from Goldcana Resources Inc.
[{"type":"text","content":"\n\n\n\nGreat Canadian Gaming Announces Amendment to its Substantial Issuer Bid\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 11, 2020\n\n\n\nTORONTO, March 11, 2020 /CNW/ - Great Canadian Gaming Corporation [TSX:GC] (\"Great Canadian\" or the \"Company\") announced today that it has amended its previously announced substantial issuer bid (the \"Offer\") to: (i) decrease the aggregate purchase amount payable for its common shares (\"Shares\") from $500 million to $350 million; and (ii) extend the expiry time to 5:00pm (Toronto time) on March 25, 2020 unless the Offer is further varied, extended or withdrawn by the Company. All other terms of the Offer, including the price range of not less than $39.00 and not more than $46.00 per Share and the expiry date of 5:00pm (Toronto time) on March 25, 2020, remain unchanged. In addition, the conditions of the Offer are also being amended so that they will be applied in respect of events that occur only from March 10, 2020 onward.\nThe Company has been monitoring local and global developments involving the outbreak of the coronavirus COVID-19, including the response of business, consumers and the various levels of governments to this health emergency. As part of its planning, it has considered the impact the virus could have on the business of the Company and has been developing a strategy to respond to possible outcomes. In order to provide greater financial flexibility and liquidity to respond if there is a material future downturn in customer visits, the Board of Directors have determined it is in the best interests of the Company to amend the Offer to lower the aggregate purchase amount.\nThe original Offer includes a number of conditions including, one that permitted the Company to not proceed with the Offer, at its election, if there was any decline in any of the S&P/TSX Composite Index, the Dow Jones Industrial Average or S&P 500 by an amount in excess of 10% measured from the close of business on February 7, 2020 (the \"Index Condition\"). This event has occurred. The Compan...