Canadian casino operator Great Canadian Gaming Corp (GCG) has found itself a private equity takeover target, but some shareholders are holding out for a bigger offer.

On Tuesday, GCG announced that it had inked a definitive agreement to be acquired by funds managed by US private equity biggies Apollo Global Management. The deal, in which Apollo would acquire all GCG outstanding shares, values the casino operator at over C$3.3b (US$2.52b).

Post-acquisition, GCG said the company would maintain its Toronto HQ, “led by a Canadian management team and with Canadian board members.” Apollo claimed it was “committed to maintaining the company’s current operational footprint and anticipates Great Canadian’s properties will increase under the Apollo Funds’ ownership.”

GCG operates 25 properties across four Canadian provinces, most of which are in Ontario (including Casino Woodbine) and British Columbia (including River Rock Resort). COVID-19 forced the closure of casinos nationwide this spring and while Ontario briefly allowed its casinos to reopen on a limited basis, they were recently ordered back into lockdown. BC has yet to authorize any casinos reopening, even on a limited basis.