tony fung makes move on cairns canberra casino

Tony Fung makes move on Cairns, Canberra casinos

AQUIS Casino Acquisitions, a company controlled by billionaire Hong Kong developer Tony Fung, plans to make $270 million of worth of acquisitions, including Reef Casino Trust and Casino Canberra.

Reef Casino owns the Cairns Reef Casino and hotel while Casino Canberra owns and operates the capital’s casino.

Mr Fung plans to make four acquisitions: a takeover bid for Reef Casino, acquiring the responsible entity and operating entity of Reef and the acquisition of Casino Canberra.

Aquis’ takeover will be an off-market cash bid to acquire all the ordinary units in Reef Casino for $4.354 per unit, for a total value of approximately $217 million.

The Reef Casino board has unanimously recommended unit holders to vote in favour of the takeover bid, in the absence of a better offer.

Related bodies corporate of Aquis have entered into agreements to acquire the responsible entity and operating entity of Reef Casino from its owners, Casinos Austria and Accor as well as the Canberra Casino from Casinos Austria.

The acquisitions are subject to a 90 per cent minimum acceptance condition, regulatory approvals and other conditions.

A separate entity within the Aquis group, Aquis Resort at The Great Barrier Reef, is currently proposing to build a $4.2 billion hotel and casino tourism resort at Yorkey’s Knob, just north of Cairns.

Gilbert + Tobin are advising Aquis. Reef Corporate Services is being advised by Herbert Smith Freehills. Casinos Austria International and Accor are being advised by King & Wood Mallesons.

PricewaterhouseCoopers Securities is being retained by Reef Casino to prepare a report on the fairness of the Aquis offer.

http://www.theaustralian.com.au/business/mergers-acquisitions/tony-fung-makes-move-on-cairns-canberra-casinos/story-fn91vdzj-1226836257230