Affinity forms ‘Special Committee’ to consider Z Capital proposal

US land-based and online sportsbook Affinity Gaming has formed a ‘Special Committee’ of independent directors to consider a proposal recently put forward by private equity firm Z Capital Partners.

As reported by iGaming Business, Z Capital, which already owns a 39.5% stake in Affinity, earlier this month offered to purchase the rest of the company for $9.75 per share.

As part of the process surrounding this bid, Affinity has formed a new ‘Special Committee’ that will review the proposal and consider strategic alternatives that may be available to the company.

Affinity noted that the Special Committee has not yet made any decision in regards to the firm’s response to the offer and that it is currently in the process of engaging a financial advisor to help with proceedings.

Affinity added in a statement: “There can be no assurance that Z Capital will make any definitive offer or that, even if such an offer is made, what the terms of such offer would be or whether any agreement on terms satisfactory to the Special Committee or the board of directors would result, or that any other transaction will be approved or completed.

“Except as required by law, or as otherwise determined by the Special Committee, the company does not anticipate making any further public statements about this matter or the activities of the Special Committee.”

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