Aquis Entertainment Limited, which operates a casino in Australia, reportedly accepted a bid of approximately $ 4250 million to sell its Casino Canberra facility to a local pub and hotel, Iris CC Holdings Proprietary Limited, earlier today.
A Sydney-listed casino company will sell its 5-square-foot facility to a subsidiary of a major local hospitality company, Oscar Hotels Australia, for about $ 38,750 million in May, according to an Australian Financial Review. It seems that he had agreed to a tentative agreement.
The share purchase arrangement was later raised to about $ 3970 million, and also included a provision that the seller would receive about $ 206 million in cash to meet the regulatory requirements of the general public.
Competing campaigns
However, Iris CC Holdings Proprietary Limited reportedly placed a counter-bid of about $ 4040 million against the Canberra company earlier last week and subsequently raised the bid to $ 4250 million.
Owned by billionaire real estate tycoon Sam Arnaout, the company owns one of the country's largest portfolio of private hotels and pubs, along with large-scale development projects undertaking projects in the cities of Newcastle, Sydney and the Gold Coast. It is said that there is.
Parental consent required
Australian Financial Review reports that the successful sale of Casino Canberra to Iris CC Holdings Proprietary Limited depends on approval by Aquis Canberra Holdings, which owns 88.5% of Aquis Entertainment Limited, and liquor and casino regulators. I am.
The arrangement also includes provisions that allow prospective buyers to counter subsequent rival offers and receive a "break fee" of approximately $ 683,670 if this current transaction does not proceed. It is said that it is.
According to Arnout's announcement ...
“We are excited about the opportunity to acquire Casino Canberra and look forward to working with the Aquis Entertainment Limited team in the future.
Ambitious aim
Aquis Entertainment Limited invested just over $ 2014 million to acquire the dilapidated Casino Canberra in 500, and the following year, along with a rejuvenated game floor offering up to 500 slots, a luxury shop, a luxury restaurant, and two. It was reported that he submitted a plan to add a hotel and transform the venue.
However, the plan was finally rejected in December 2018, claiming it was due to regulatory uncertainty, funding issues, and local legislation prohibiting companies from operating so many slots.
Continued resentment
Faced with the realistic possibility that Aquis Entertainment Limited will close Canberra's only casino, a compromise allows the local government to introduce 200 slots and 60 electronic game consoles under strict regulatory guidelines. It is reported that he proposed and countered.However, the operating company was reluctant to accept the proposal and almost immediately began looking for a new company to take over the keys to the Casino Canberra venue.
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