APOLLO CASINO DEAL APPROVED AFTER BID LIFTED TO US$1.9B

Apollo Global Management Inc. won shareholder approval for its US$1.9-billion 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 voted 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. Apollo's initial bid of $39 a share hit immediate opposition after it was announced in November, and it wasn't until the firm boosted the offer to $45 a share that holdout investors agreed to support the deal. Great Canadian operates 26 gaming, entertainment and hospitality facilities across Canada.