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But the 45-day window to review the $15.1-billion friendly takeover of the Calgary oil company by a state-controlled Chinese firm has already closed, with no mention of anything that may have triggered a national security concern.
In effect, the expiry of the review period means CNOOC has essentially bypassed a major hurdle, Ottawa insiders said on the basis of anonymity. (The approval process is so sensitive no one involved is free to speak about anything related to the proposal.) There is absolutely no doubt that [national security] should have been a consideration, said Peter Julian, the NDP natural resources critic who opposes the deal.
Certain other closing conditions remain, with the transaction expected to close in the second quarter of 2021.
Just three of the company s 26 casinos remain open after Ontario operations at the Elements Casino Grand River and Shorelines Casino Belleville were suspended as of April 2 following government mandates to address the spread of COVID-19.
Two casinos in Nova Scotia and one in New Brunswick remain open with restrictions.
About 79 per cent of shareholders voted in favour of the deal on Dec. 23 after the investment fund sweetened its earlier offer by more than 15 per cent.
This report by The Canadian Press was first published April 5, 2021.
Winnipeg Free Press By: The Canadian Press
TORONTO - Great Canadian Gaming Corp. s proposed acquisition by a fund affiliated with Apollo Global Management Inc. moved a step closer to completion following approval by Investment Canada.
A dealer slides chips across the blackjack table on Friday, March 16, 2012, in Bangor, Maine. THE CANADIAN PRESS/AP-Robert F. Bukaty
TORONTO - Great Canadian Gaming Corp. s proposed acquisition by a fund affiliated with Apollo Global Management Inc. moved a step closer to completion following approval by Investment Canada.
The U.S. buyer received approval under the Investment Canada Act for the investment fund s $45 per share takeover offer.
Great Canadian Gaming Announces Investment Canada Approval and Operational Updates newswire.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newswire.ca Daily Mail and Mail on Sunday newspapers.