Gaming Nation to be Acquired by Orange Capital

Gaming Nation (TSXV:FAN) has announced that it has entered into an arrangement agreement with OC Special Opportunities Fund, a private investment fund managed by Orange Capital Ventures GP.
As quoted in the press release:

  Under the Arrangement Agreement, and with the unanimous support from Gaming Nation’s board of directors (the “Board”), Orange Capital will acquire all of the issued and outstanding shares of Gaming Nation, other than certain shares held by members of management and the Board, for CAD$0.95 in cash per share. The purchase price represents a 90% premium to the unaffected closing share price of CAD$0.50 on February 22, 2017, the day prior to the announcement of the Company’s strategic review process.  The price per share implies an aggregate fully‐diluted equity value for Gaming Nation of approximately CAD$44 million.
Peter Luukko, Chairman of the Board of Gaming Nation, said “After a comprehensive review of strategic alternatives, and with the support from shareholders representing 45% of Gaming Nation’s outstanding shares, we believe Orange Capital’s offer is in the best interests of the Company. In addition to the significant premium, we believe there are other benefits to privatization and we look forward to working closely with Orange Capital to complete this transaction.”
“Gaming Nation represents an exciting investment opportunity for our investment partnership, and we look forward to working with Gaming Nation’s management and employees,” said Daniel Lewis, Managing Partner of Orange Capital.

Click here to read the full press release.