Raptor's Acquisition of Great Canadian Expected to Close Later in September
September 10, 2021
Great Canadian Gaming Corporation has announced in a press release that it has received all regulatory approvals for its acquisition by funds related to Apollo Global Managament.
Raptor Acquisition Corp., an affiliate of funds managed by affiliates of Apollo Global Management, Inc., will acquire all the issued and outstanding common shares of the company at a price of $45 per share in a deal which is expected to close on or around September 23, 2021.
"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," stated Peter Meredith, the company's Chairman.
"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," concluded Meredith.
Raptor had already received approval under the Investment Canada Act back in April, after approvals in December from the Supreme Court of British Columbia and securityholders, as well as clearance under the Competition Act.
About 79 per cent of Great Canadian shareholders voted in favour of the deal on Dec. 23 after the investment fund sweetened its earlier offer by more than 15 per cent.