Aquis shares suspended as second bidder emerges for Canberra casino

Aquis Entertainment said it had requested a suspension from trading on the Australian Stock Exchange after a second bidder emerged for its Canberra casino.

The company said that it had also received a revised proposal from Capital Leisure & Entertainment, which agreed to buy the property in May, but the offer from the unnamed third party was at a “materially higher” price.
The board said it was evaluating which of the offers is superior. 
Aquis agreed to sell its Casino Canberra for $52 million, saying at the time that  it planned to look for other business opportunities. 
Capital Leisure is controlled by interests associated with Oscars Group, a hotel and hospitality company. 
Casino Canberra is Aquis’ main business. The board said it may use the funds to repay debt and for a potential distribution of funds to shareholders.
It is also considering repaying some, or all of a convertible loan between the company and its major shareholder Aquis Canberra. The loan has an outstanding balance of $33 million. 
The sale is subject to regulatory and shareholder approval. 
The company said Casino Canberra is its main business undertaking. The board is considering new opportunities and will provide an update to shareholders by the end of June. These may include repayment of debt and a potential distribution of funds to shareholders.
It is also considering repaying some, or all of a convertible loan between the company and its major shareholder Aquis Canberra. The loan has an outstanding balance of $33 million. 

Mergers & Acquisitions Top Latest news Aquis Entertainment Rival bidder

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