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Great Canadian Gaming Corporation Enters Definitive Agreement to Be Acquired by Funds Managed by Affiliates of Apollo Global Management for C$39.00 Per Share
Great Canadian Gaming Corporation Enters Definitive Agreement to Be Acquired by Funds Man...
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[{"type":"text","content":"\n \n \n \n Great Canadian Gaming Corporation Enters Definitive Agreement to Be Acquired by Funds Managed by Affiliates of Apollo Global Management for C$39.00 Per Share\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO, Nov. 10, 2020\n \n \n \n \n \n \n \n \n \n \n Sponsorship from Leading Investment Manager to Bring Additional Gaming and Hospitality Expertise to Great Canadian\n \n \n \n \n \n \n Apollo Expresses Support for Safe Reopening and Welcoming Back Team Members in Adherence with All Applicable Health and Safety Restrictions\n \n \n \n \n \n TORONTO\n \n ,\n \n Nov. 10, 2020\n \n /CNW/ - Great Canadian Gaming Corporation (TSX:GC) (\"Great Canadian\" or the \"Company\") today announced that it has entered into a definitive agreement to be acquired by funds (the \"Apollo Funds\") managed by affiliates of Apollo Global Management, Inc.\n \n (NYSE: APO)\n \n (together with its consolidated subsidiaries, \"Apollo\"). Under the terms of the agreement, Apollo Funds will acquire all the outstanding shares of Great Canadian common stock for\n \n C$39.00\n \n per share in a transaction with a total enterprise valuation exceeding\n \n C$3.3 billion\n \n .\n \n \n The purchase price represents a 59% premium to the 30-day VWAP as of\n \n November 9, 2020\n \n .\n \n \n Following close of the transaction, Great Canadian will remain headquartered in\n \n Toronto\n \n , led by a Canadian management team and with Canadian board members. Apollo also anticipates that certain Canadian institutions may co-invest in the transaction to become equity owners in the Company alongside the Apollo Funds upon completion of the acquisition. Apollo is a responsible sponsor and has a long track record of success investing in companies in highly regulated industries, as well as\n \n Canada\n \n -based companies.\n \n \n \"The Board of Directors, based on a recommendation from the special committee of independent directors, has unanimously concluded that this transaction represents the best course of action for the Compa...