Apollo Global Management Inc.’s bid for Great Canadian Gaming Corp. has hit more trouble, with a top shareholder publicly rejecting the US$2.5 billion deal and two proxy advisory firms saying investors should turn it down.

CI Financial Corp.’s global asset management unit, which holds 14 per cent of Great Canadian in various funds, said Wednesday that managers of those funds plan to vote against the offer. Glass Lewis & Co. and Institutional Shareholder Services also released reports weighing in against the deal.

“We do not see compelling evidence that the proposed buyout is in the best interests of shareholders at this time,” Glass Lewis said. Apollo’s timing is “opportunistic,” coming as Great Canadian has been hurt by COVID-19 restrictions but is making plans to renovate properties and expand in Ontario, the firm said.

The statement from CI signals that Apollo is unlikely to win enough votes to seal approval without increasing the bid. Bloomberg previously reported that CI managers didn’t like the price, citing people familiar with the matter. Other large shareholders including hedge fund BloombergSen Inc. and Burgundy Asset Management Ltd. are against the offer as well.

CI is the largest shareholder and the three opposing firms collectively own about 37 per cent of the casino operator, according to public disclosures and data compiled by Bloomberg. The deal requires approval of two-thirds of the shares voted.

BloombergSen is a Toronto-based fund manager and isn’t affiliated with Bloomberg LP, the parent of Bloomberg News.

ISS echoed shareholder concerns that Apollo’s bid takes advantage of a decline in Great Canadian’s share price caused by the disruption of the pandemic. The casino firm appears to have “sufficient financial strength to weather current business closures,” ISS said.

“The lack of a sale process heightens concerns regarding the timing of the offer, as shareholders cannot be confident they are receiving adequate value for their shares,” ISS said. “The ongoing recovery among gaming peers suggests that the company could return to historical valuation levels as the operating environment normalizes over time.”

Representatives of Apollo declined to comment. Great Canadian didn’t return messages seeking comment.