ACCC calls for comment on Reef takeover

Company News

Australia’s competition watchdog has called for comment on the proposed $217 million takeover of Reef Casino Trust (ASX:RCT) amid potential competition concerns.  
The bid was launched by Aquis Casino Acquisitions in November 2013, an entity controlled by Hong Kong billionaire Tony Fung who has plans to develop a $4.2 billion integrated resort and casino in Queensland.  
Reef Casino Trust’s board backed the bid in February and entered into an agreement for the proposed takeover offer of $4.354 cash per share but the deal is conditional on regulatory approval. 
The Australian Competition and Consumer Commission (ACCC) will now seek more views ahead of announcing it final decision on August 21. 
Reef Casino Trust reported a net profit of almost $7 million in the 2013 calendar year.

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