Apollo Global Management sweetens Great Canadian Gaming takeover offer to $45 a share

Great Canadian Gaming Corp. says Apollo Global Management Inc. has raised its takeover offer for the casino operator, winning key shareholder support.

The company says Apollo will now pay $45 per share, up from its earlier offer of $39 per share.

Great Canadian shares closed at $37.24 on the Toronto Stock Exchange on Friday.

Great Canadian had faced vocal opposition from some shareholders including one of its largest, Bloombergsen. However, Bloombergsen, CI Global Asset Management and Burgundy Asset Management Ltd., as well as others have agreed to support the new offer.

Great Canadian says shareholders holding about 50 per cent of its outstanding shares have entered into voting support agreements and committed to vote in favour of the deal at the new price.

Great Canadian operates 26 gaming, entertainment and hospitality facilities in Ontario, British Columbia, New Brunswick, and Nova Scotia.