Aquis Entertainment, the Australian company that owns and operates Casino Canberra, has announced that the trading of its shares has been halted because it has received a second proposal to acquire the casino.
In May, Aquis Entertainment announced that it had signed a purchase agreement for Casino Canberra with Capital Leisure & Entertainment Pty Limited, a subsidiary of Oscars Group, the hospitality giant that owns 30 different venues in New South Wales, including hotels, pubs, conference and events facilities, chartered vessels and both commercial and residential developments.
The agreement was that Aquis Entertainment would sell 100% of shares in Casino Canberra Limited, the company which holds the casino license to operate Casino Canberra, for 52 million Australian dollars.
However, the deal was not fully completed at the time, and now Aquis placed its shares into voluntary suspension from quotation as it revealed it was considering a second offer for Casino Canberra.
The Australian company revealed that it had also received a revised offer from the initial bidder, Capital Leisure & Entertainment, and that both bids are higher than the 52 million Australian dollars that were offered in May.
Aquis Entertainment is currently in the process of evaluating the two proposals in order to determine whether one of them is good enough to be accepted. Their decision should be announced this week and the company’s shares should resume trading.