Australian casino operator Aquis Entertainment has entered into an amended deed for the proposed sale of the company’s wholly owned subsidiary, Aquis Canberra, to Capital Leisure & Entertainment, which is owned and controlled by interests associated with the Oscars Group (Oscars) at an increased price of $58.2m following the receipt of revised proposals from Oscars and a third party.
The operator said: “Aquis advises that it has now received a further revised proposal from that third party, being Iris CC Holdings Pty Ltd (Iris Capital), for a purchase price of $60m. The Iris Capital proposal also includes a break fee of $1m (Break Fee) payable by Aquis on similar terms to that payable to Oscars if a superior proposal is accepted and completes. The terms and conditions of the Iris Capital proposal is otherwise the same as the agreement with Oscars announced this morning. The Aquis board will consider the Iris Capital proposal and update Aquis shareholders and the market in due course.”