Z Capital withdraws proposal to acquire all shares of Affinity Gaming
March 5, 2013 - 2:06 am
Illinois private equity firm Z Capital Partners withdrew its nonbinding proposal to acquire all of the outstanding common shares of Affinity Gaming.
In a statement Monday, Affinity Gaming said Z Capital, the largest stockholder in the casino operator, withdrew its proposal to purchase all outstanding shares of the company last week.
Z Capital owns 30.5 percent of Affinity and offered $14 a share for the remaining stock, a 22 percent premium over the current value.
Affinity Gaming said a committee of the board reviewed Z Capital’s proposal and “tried to engage in meaningful dialogue, but could not successfully negotiate confidentiality and standstill agreements with Z Capital.”