Las Vegas-based Affinity Gaming Corp. hired Deutsche Bank to advise on its strategic review, as the company runs out of time on a buyout offer from its largest investor Z Capital Partners. The offer from the PE firm is set to expire on May 19. Under the terms of the offer, Z Capital would buy the equity it doesn’t already own in the gaming operator, including $119.84 million. In total, Affinity–which invested in the company’s predecessor–would own $198.08 million worth of Affinity. The value represents $9.75 per share, or 9.7 times 2014 Ebitda. Affinity operates 11 casinos in Nevada, Colorado, Missouri and Iowa.
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