Apollo Tourism & Leisure Ltd. acquires CanaDream Corporation
Date Closed
July 12, 2017
Lead Office
Toronto
Value
28.00 Million CAD
On July 12, 2017, Apollo Tourism & Leisure Ltd. ("Apollo") announced the completion of the acquisition, through its affiliate ATL Canada Ltd., of all the issued and outstanding shares of CanaDream Corporation ("CanaDream Shares"), other than the shares already held by Apollo or its affiliates, pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement").
Following completion of the Arrangement, Apollo, through its affiliates, now owns 100% of CanaDream. Under the terms of the Arrangement, Apollo acquired: (i) the CanaDream Shares controlled by Mr. Blaine Nicholson, a director of CanaDream, and Mr. Brian Gronberg, the President, Chief Executive Officer and a director of CanaDream, for a cash price of $1.68 per share; and (ii) all other outstanding CanaDream Shares (other than the CanaDream Shares held by an affiliate of Apollo) for a cash price of $1.85 per CanaDream Share. The CanaDream Shares were delisted from the TSX Venture Exchange as at the close of business on July 17, 2017.
Apollo, headquartered in Northgate, Australia, engages in the business of tourism and other related services, including the sale and rental services of recreational vehicles. CanaDream is one of the largest recreational vehicle rental and sales companies in Canada.
McCarthy Tétrault LLP advised Apollo with a team led by Robert Hansen and David Tennant, that includes Adam Taylor and Elaine Sun.