The transaction involves four acquisitions: a takeover bid for RCT, acquisitions of the responsible entity and operating entity of RCT and the acquisition of Casino Canberra. RCT is the owner of the Cairns Reef Casino and hotel and Casino Canberra is the owner and operator of the Canberra Casino.
Aquis has entered into a Takeover Bid Implementation Agreement with the responsible entity of RCT. Aquis’ takeover bid will be an off-market cash bid to acquire all the ordinary units in RCT for $4.354 per unit, for a total value of approximately $217 million. The RCT Board have unanimously recommended unitholders to vote in favour of the takeover bid, in the absence of a superior proposal.
Related bodies corporate of Aquis have entered into agreements to acquire the responsible entity and operating entity of RCT from its owners, Casinos Austria and Accor, and the Canberra Casino from Casinos Austria.
The acquisitions are subject to a 90% minimum acceptance condition for the takeover bid, regulatory approvals and other customary conditions.
A separate entity within the Aquis group, Aquis Resort at The Great Barrier Reef Pty Ltd, is currently proposing to build a $4.2 billion large scale first class integrated hotel/casino tourism resort at Yorkey’s Knob, just north of Cairns, subject to being a successful applicant for a licence under the Queensland Government Integrated Resort Developments process, and other relevant approvals.
Partner Neil Pathak stated “We are delighted to be advising Aquis on this strategic transaction. It is particularly exciting to assist a client with significant growth and development plans.”
Gilbert + Tobin’s team was led by Neil Pathak with support from partner Ben Macdonald and lawyers Nirangjan Nagarajah, Joshua Fast and Brooke Coghlan. Competition partner Simon Muys is advising on regulatory matters.
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