Update: Posted last night at AFR: Aquis to make $214m cash play for Reef Casino
Aquis, the developer owned by Hong Kong property player Tony Fung, could lodge a formal $214 million takeover bid for the company that runs the Cairns and Canberra casinos as early as Monday this week, according to sources familiar with the deal.The previous announcement in November was a non-binding indicative conditional takeover proposal from Aquis.
Update 2: Well RCT is back trading again after formal details of the takeover proposal from Aquis were released. Todays announcements including the takeover implementation agreement itself can be found here at ASX.
There isn't much substantially new and implementation still remains subject to regulatory approvals. It does appear here as though Canberra Casino may have been separated out in the structure.
Aquis Canberra Pty Ltd and Aquis Canberra Holdings (Aus) Pty Ltd have been separately registered with ASIC this month.
There have also been three companies registered by ASIC this month registered with Aquis Reef names where the holder is registered in the tax haven British Virgin Islands.
RCT holders will receive a bidders statement next month and the offer is open until October 31st unless extended.
Previous post: Reef Casino: Revenue up, expenses down
The Australian; The Cairns Post