Representatives of other minority shareholders Madison Avenue Partners and investors in Breach Inlet Capital have said they will also vote against the Apollo deal, which is subject to various shareholder and regulator approvals.
Among other things, investors said Great Canadian should have looked for alternatives to the Apollo offering, which was announced Tuesday night ahead of the release of the company’s expected third quarter financial report on Wednesday.
Great Canadian Gaming shares climbed more than 35% when the Toronto Stock Exchange opened, gaining $ 10.11 to trade at $ 39.02 early in trading.
The company operates 25 gaming, entertainment and hospitality facilities in Ontario, British Columbia, New Brunswick and Nova Scotia.
Great Canadian says its board of directors has unanimously recommended that shareholders vote in favor of the transaction at a meeting slated for December.
Once the transaction is completed, Great Canadian is expected to retain its head office in Toronto, led by a Canadian management team.