Great Canadian CEO
"This is a very, very strong offer and reflects, we think, all of the potential of the business — factoring in what's going to be a very difficult and uncertain period for some amount of time," Baker said.
The company runs 25 gaming, entertainment and hospitality facilities, primarily in
Apollo said in its announcement that Great Canadian would remain headquartered in
Earlier Wednesday, the company reported a
Revenue dropped 87 per cent from a year earlier to
Despite the impact of more than six months of reduced activity since the COVID-19 pandemic hit
He was criticized during the call by
According to financial data firm Refinitiv, Bloombergsen is one of Great Canadian's largest minority shareholders and Great Canadian is one of Bloombersen's largest holdings in a portfolio worth about
"This is a terrible and ridiculous deal," said
"We will vote against this transaction. The equity value of the business has not been hurt, (it) isn't burning much cash, we've turned the corner (on COVID) ... (and) the
Baker said he recognized that Sen was upset but assured him the Apollo deal is in the best interest for shareholders and said Sen should understand that Great Canadian's future growth may not be as strong as it has been in the past.
"This is not a sell-out on the cheap to some Americans," Baker said.
"We don't have to do this deal but this deal is being brought forward because it's the absolute right thing for our shareholders. And, frankly, you and the others should take this."
With no majority or controlling shareholder, Bloombergsen wouldn't have enough votes to block the deal at a shareholder meeting to be held in December.
However, minority shareholder groups can sometimes combine forces to push for better terms or to block deals they oppose.
Representatives of two
Among other things, the investors said Great Canadian should have looked for alternatives to the Apollo offer, which was announced late Tuesday ahead of the company's scheduled third-quarter financial report issued Wednesday.
This report by
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