Apollo Global Management won shareholder approval for its $1.9bn takeover of Great Canadian Gaming Corp, sealing a deal that had faced stiff opposition until the private equity firm increased its bid by 15 per cent.
Holders of 79 per cent of the shares voting at a special meeting were in favour of the transaction, executives said on a webcast. That cleared the two-thirds hurdle needed for the deal to take effect.
The acquisition is expected to close in the second quarter, but still needs regulatory approval. Great Canadian shares were down 0.1 per cent to C$43.5 as of 2:45pm yesterday in Toronto.