Affinity Gaming’s largest shareholder, Z Capital, wants to buy the rest of the company for per share.
The deal would be valued at about $700 million and is the fourth offer in two years by Z Capital, which currently owns 40.5 percent of the shares in Las Vegas-based Affinity Gaming, which runs 11 casinos that are located in four states, including the Silver Sevens in Las Vegas, three casinos in Primm, and several casinos in Iowa, Missouri, and Colorado.
Affinity reported third quarter net profit of nearly $2 million from $102 million in net revenue and a 33 percent rise in cash flow.
In a letter to Affinity board members, Zenni said the proposed deal offers shareholders the maximum value for the company and they aren’t likely to get the same amount over time or through equity growth.
The offer is $1.50 more per share than Z Capital’s prior offer of $11.50 per share in May, which Affinity rejected.
