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Alternative Market Briefing

Z Capital in talks to acquire Affinity Gaming

Tuesday, December 01, 2015

Bailey McCann, Opalesque New York:

Illinois-based Z Capital is in talks to acquire Affinity Gaming, a Las Vegas-based casino company. This is Z Capital's fifth bid for the company in two years and the firm is already the largest shareholder. Z Capital has offered to raise its bid from $14.50 per share to $15.00 per share in an all-cash transaction, according to documents reviewed by Opalesque and regulatory filings.

This increase is the second so far this month, a previous proposal from the firm offered $13.00 per share.

Affinity Gaming operates 11 casinos in four states, including the off-Strip Silver Sevens in Las Vegas. Z Capital holds approximately 40 percent of the shares of the privately held company. Other known investors in the company include Silver Point Capital.

Z Capital CEO James Zenni said in a letter to a board committee that without a sale, he doesn't see any meaningful appreciation in shareholder value in the future. So far, however, Affinity has rejected Z Capital's other offers.

According to local press coverage from the Las Vegas Review Journal, Zenni was appointed to Affinity's board after a legal skirmish with other board members in 2014. Since then Z Capital has been steadily acquiring a bigger interest in the company. Zenni is licensed by Nevada gaming regulators to ......................

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