Great Canadian Gaming has received shareholder approval of Apollo Global Management’s $1.96 billion buyout of the company. The approval comes just days after Apollo hiked its bid by 15% to win over key holdouts in the shareholder vote.
Prior to the buyout, Great Canadian Gaming’s stock had been down nearly 50%. The company owns 26 gaming, entertainment, and hospitality locations around Canada, which have been hard hit by forced closures throughout the pandemic.
Apollo hopes that the increased flexibility that comes with being private will help the gaming company exit the pandemic and quickly return to growth.