Z Capital Partners Buys Affinity Gaming for $580 Million
New York-based equity that is private Z Capital Partners LLC will buy Nevada-headquartered casino euro palace casino ligne operator Affinity Gaming for the approximate quantity of $580 million, the two parties announced in a Tuesday declaration.
Z Capital Partners is known to end up being the equity that is private unit of alternate investment manager Z Capital Group. Z Capital as well as its affiliates currently own a 41% stake in Affinity Gaming. Following the announcement that is latest, it will choose the operator’s staying outstanding stocks at a high price of $17.35 per share. Z Capital said on Tuesday it has been granted a $465-million debt financing commitment from Citizens Bank, N.A. for the purpose that it will pay in cash and.
After getting a non-binding proposal of $15 per share from Z Capital, a special independent directors committee was formed by Affinity Gaming utilizing the purpose of examining the prospective deal along with bids off their interested events and also to guidance the gambling operator’s Board of Directors.
As revealed in yesterday’s statement, Z Capital increased its offer to $17.35 per share previously this thirty days. The committee that is special concluded that an acquisition cope with Z Capital had been one which would gain Affinity Gaming euro palace mobile casino no deposit bonus and suggested the Board to approve the proposal.
Commenting on the announcement that is latest, David Reganato, Chairman of Affinity Gaming’s Board and particularly appointed committee, stated that the agreement with Z Capital would bring significant value to shareholders and that it was the result from a comprehensive consideration of Z Capital’s definitive offer. Read more