Aquis Entertainment Ltd announced on Monday that it had reached a new deal with Iris Capital of NSW to sell 100% of the shares in casino Canberra for AU$63 million (US$42.4 million). The settled price was about $3m higher than an earlier offer by Iris and about $5m more than the Oscar Group subsidiary had offered last month.
The deal is not yet set in stone as it will require regulatory approval and an official blessing from Aquis shareholders. Moreover, Aquis left the door open to a higher bid and would simply pay Iris a break fee of $1m in order to entertain a new suitor if Iris chose not to exercise the first right of refusal.
The deal is not yet set in stone as it will require regulatory approval and an official blessing from Aquis shareholders. Moreover, Aquis left the door open to a higher bid and would simply pay Iris a break fee of $1m in order to entertain a new suitor if Iris chose not to exercise the first right of refusal.