Iris Capital, a New South Wales-based venture capital firm, has outbid Capital Leisure & Entertainment Pty Ltd in the bidding war for Aquis Entertainment’s Casino Canberra.

Iris Capital’s offer to purchase 100 percent of the casino‘s shares from Aquis is higher than any previous offers made by Capital Leisure & Entertainment Pty Ltd.

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Iris Capital’s Newest Proposal

Aquis has stated that it has entered into a new agreement with Iris Capital for the sale of all of its Casino Canberra shares. This time, Iris Capital bid AUD 63 million ($42,4 million) for the entire interest, which is AUD 3 million ($2 million) more than its previous bid of AUD 60 million ($41 million). 

In May, Aquis entered into a share purchase agreement with Capital Leisure for the sale of its casino property shares for AUD 52 million (US$36 million). Later, Aquis received a second bid from an unnamed entity. However, Aquis declared that it was much greater than Capital Leisure’s offer. 

This prompted Capital Leisure to boost its game and propose to purchase Casino Canberra for AUD 58.2 million ($39.5 million), and the two firms signed a new share purchase agreement with a AUD 1 million ($678,500) break fee option. 

The bidding continued with an offer from Iris Capital for AUD 60 million ($41 million), which resulted in yet another acquisition agreement, this time between Aquis and Iris Capital, which included a AUD 1 million ($678,500) break fee clause.

Aquis has reported that Iris Capital’s most recent offer is significantly more than Capital Leisure’s, and that the transaction is more likely to close now that the entire purchase price has been transferred to a trust account. Before the purchase can be finalized, however, Aquis’s shareholders must consent and regulatory permission must be secured. 

Additionally, Aquis is holding out for higher bids, as its most recent share purchase agreement with Iris Capital includes the same break fee option as the previous deal.

What Lies in Aquis’ Future

Casino Canberra is an integral element of Aquis’ operations. As a result of the anticipated sale, the company has indicated that it will explore new opportunities. 

Disclosure was made by the corporation in a statement. The Aquis board is evaluating the optimal use of the sale revenues, which includes evaluating alternative business options, debt payments, and a possible distribution of funds to shareholders. 

Consideration is being given to whether the sale proceeds can be used to repay the loan to Aquis’ largest shareholder, Aquis Canberra Holdings Pty Ltd. Aquis decided to sell Casino Canberra because it was unable to achieve an agreement with the Australian government about a significant property upgrade.

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