Great Canadian Gaming Corp. shareholder Burgundy Asset Management Ltd. will vote against Apollo Global Management Inc.'s takeover of the gaming and entertainment company, Bloomberg News reported Nov. 24.

On Nov. 10, Great Canadian's board recommended the private equity firm's C$39 per share bid, which equates to a total enterprise valuation of more than C$3.3 billion. The offer represents a 34.9% premium to Great Canadian's closing price as of Nov. 9.

Toronto-based Burgundy owns a 9.5% stake in Great Canadian. Burgundy's portfolio managers David Vanderwood and Andrew Iu reportedly said in a letter that Apollo's offer does not reflect the potential value of Great Canadian's assets in Ontario.

According to Bloomberg, Burgundy said Apollo "opportunistically" approached Great Canadian with an "underwhelming, unsolicited bid" after the COVID-19 pandemic weakened its share price.

The other two largest investors in Great Canadian, CI Financial Corp. and BloombergSen Inc., also reportedly plan to vote against the takeover. CI Financial holds a 15.8% stake in Great Canadian, while BloombergSen owns 13.9%.