Bidding war breaks out for Canberra Casino
The two potential buyers have upped their offers for Canberra Casino.
Australia.- A bidding war has broken out between Capital Leisure & Entertainment Pty and Iris Capital for Canberra Casino. Capital Leisure & Entertainment Pty Ltd was close to closing a deal to buy the casino from Aquis Entertainment when an unexpected new offer emerged from Iris.
Capital Leisure upped its bid from AU$52m (US$36m) to AU$58.2m (US$39.5m). However, Iris Capital has offered AU$60m (US$41m), including an AU$1m interruption fee if the operator accepts a better offer.
The Aquis board said it would review the Iris Capital proposal and update Aquis shareholders and the market in due course. Canberra Casino isAquis Entertainment’s largest asset and a sale would leave it to evaluate other potential business opportunities.
It said it would use the sale proceeds to repay some or all of the convertible loan from major shareholder Aquis Canberra. The loan has an outstanding balance of AU$33m.
