Donaco International has passed the final hurdle for its takeover by Hong Kong-based On Nut Road.
According to a Thursday release by the company, the Supreme Court of New South Wales on the same day approved the proposed sale of 100 percent of Donaco’s shares which On Nut Road doesn’t already own to the special purpose vehicle managed by Argyle Street Management.
The deal is valued at approximately $35.2 million.
On Monday, Donaco had indicated that shareholders voted overwhelmingly in favor of the takeover, with the Thursday court hearing with the NSW Supreme Court being the final step necessary.
Thursday’s filing indicates that the sale scheme will become ‘legally effective upon lodgement of the Court orders with the Australian Securities and Investments Commission (ASIC)’. This is expected to take place on Friday morning, after which Donaco shares will be suspended from trading on the Australian Securities Exchange (ASX) with effect from the close of trading.
The final implementation date is expected to be August 19th.
Donaco International’s portfolio is comprised of two border casinos: the DNA Star Vegas resort in Poipet, Cambodia, and the Aristo International Hotel in Lao Cai, Vietnam.
