Affinity Gaming today February 1, 2016, announced the dissolve of the special committee formed on April 7, 2015.
The announcement which was published on the company website says, the special committee, which comprises mainly the independent directors of the Company’s Board of Directors was formally dissolve by the unanimous vote of the special committee.
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It would be recalled that the special committee was formed about two years ago by the Board to consider among other things, an unsolicited non-binding proposal from Z Capital Partner LLC and it’s affiliated fund (”Z Capital”) to acquire all of the outstanding common shares of the company that were not already owned by Z Capital.
Z Capital initial proposal was made on the 3rd of April 2015 for $9.75/share in cash, and was subsequently increase several times, with the latest increase occurring on the 25th of November 2015 when Z Capital increase it’s proposal to $15.00/share in cash .
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The company and Z Capital entered into an exclusivity agreement on 25th of November 2015 providing for exclusivity period expiring on 14th of December 2015 (which was subsequently extended by the parties to 29th of January 2016).
On 1st of February 2016 Z Capital publicly announced that as of 29 of January 2016 both it’s November 25 proposal and the exclusivity agreement has expired