Blue Whale acquisition of Aquis at risk of termination

Blue Whale Entertainment’s proposed acquisition of Aquis Entertainment may be terminated due to a lengthy approval process by the ACT gaming regulator. 

First announced in December 2018, the transaction involves Blue Whale Entertainment Pty Ltd Blue Whale, an Australian company majority-owned by iProsperity Group CEO Michael Gu, which is seeking to acquire interests of up to 86.99 percent of Aquis Canberra Holdings.

Aquis noted that while all other conditions have been met, the transaction is still subject to ACT gaming regulatory approvals – the review of which Aquis believes is advanced, but not yet complete.

Under transaction agreements between Aquis, Aquis Canberra Holdings and Blue Whale, should the ACT gaming regulatory approvals not be received by December 23, 2019, the agreements can terminate on 10 business days’ notice. 

Aquis said it is seeking an extension to such termination date to allow sufficient time to complete its review and the ACT gaming regulatory approvals to be obtained. 

If an extension cannot be agreed, Aquis said it will consider options for termination of the transaction agreements.