Private investment firm Z Capital Partners has made another offer to acquire a 100% holding in US land-based and online sportsbook Affinity Gaming.
As reported by iGaming Business, Z Capital has made a series of bids in an effort to acquire Affinity, with the latest offer of $11.50 per share coming earlier this year following a failed bid in May.
James Zenni, chief executive of Z Capital, has now confirmed that he is willing to pay $13 per share to acquire the remaining stake in Affinity.
Z Capital currently owns a 40.5% stake in the company.
In a letter to Matthew Doheny, chairman of a special Affinity board committee, Zenni said: “We believe our proposal provides maximum value to Affinity Gaming’s stockholders.
“Absent a transaction of the type we are now proposing, we do not think there is any opportunity for Affinity Gaming’s stockholders to see meaningful appreciation in their equity value, or to realise that value in the foreseeable future.”
source : www.igamingbusiness.com