Apollo Global Management Inc. has upped the ante on its takeover bid of Great Canadian, a British Columbia company that owns 26 casinos in four Canadian provinces. It is now offering $45 a share, up from $39.
The raised bid has won support of Great Canadian’s shareholders. Shares in the company closed at $37.24 December 18.
The original takeover bid was opposed by some of Great Canadian’s largest shareholders, but that opposition has faded with the new offer. Shareholders representing about half of the voting power have agreed to vote for the takeover.
