The board of Reef Casino Trust (ASX:RCT) have backed a $217 million takeover bid from casino developer Aquis Casino Acquisitions, controlled by Hong Kong billionaire Tony Fung.
The company’s shares soared more than 40 per cent when the proposed deal was first announced in November 2013, after which due-diligence was conducted.
Reef Casino Trust says it has now entered into an agreement for the proposed takeover offer by Aquis, who are offering the company $4.354 cash per share.
If Aquis is successful it will advance Mr Fung’s ambitions to develop a $4.2 billion integrated resort and casino in Queensland.
Reef Casino Trust reported a net profit of almost $7 million in the 2013 calendar year.
