Noah Zivitz

Managing Editor, BNN Bloomberg

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Apollo Global Management Inc. has raised its takeover offer for Great Canadian Gaming Corp. in a move that has won over top shareholders who had previously come out against the proposed deal.

In a release early Monday, Great Canadian announced that Apollo had raised its offer to $45 per share from the previous agreement at $39 per share. The casino operator noted the revised arrangement has garnered the support of roughly 50 per cent of the company’s shareholders, including BloombergSen and CI Global Asset Management. Both of those firms had previously indicated they would not vote in favour of the original deal.

“Great Canadian's Board of Directors, based on a recommendation from the Special Committee of independent directors, unanimously recommends shareholders vote in favour of the transaction,” said Great Canadian Gaming Chairman Peter Meredith in a release.

“The increased purchase price of $45 per share unlocks greater value for shareholders, and the company and board appreciate the support of some of Great Canadian's largest institutional shareholders for this transaction.”

The special virtual meeting for shareholders to vote on the transaction will proceed as planned on Dec. 23 at 2 p.m. ET.