9, Z Capital raised its offer to $17.35 a share and the committee agreed to recommend to the full board that the deal be accepted and recommended for approval to shareholders. The company announced Tuesday that Affinity’s board of directors had formed a special committee of independent directors in late July after receiving a nonbinding proposal from Z Capital, which offered to buy the company for $15 a share. The transaction is expected to close in the first quarter of 2017 pending shareholder and regulatory approval. It also has the Rail City Casino in Sparks, three properties in Colorado, two in Missouri and one in Iowa. Under the terms of the deal, Z Capital and its affiliates, which currently own about 41 percent of Affinity’s outstanding shares, will acquire the company’s remaining outstanding shares for $17.35 each.Īffinity owns the Silver Sevens property at Flamingo and Paradise roads in Las Vegas and three resorts in Primm, the Primm Valley Resort, Whiskey Pete’s and Buffalo Bill’s. Representatives of Z Capital Partners LLC, the private equity arm of Z Capital Group LLC, announced the $580 million all-cash deal Tuesday morning.
Elizabeth Page Brumley/Las Vegas Review-Journal Follow Vegas-based Affinity Gaming, owner of 11 casinos, with five in Nevada that include the Silver Sevens and three Primm properties, has been sold to a New York private equity firm. A man plays a game inside of Whiskey Pete's hotel-casino on Tuesday, Aug.
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