Today’s Cairns Post has splashed with a story that Tony Fung is prepared to walk away from the Aquis proposal if his proposed take-over of the Reef Hotel Casino isn’t OK’d by the authorities soon enough. However, behind the brouhaha lies a simple truth; the process isn’t taking any longer than usual. The dates quoted in the Post’s story are just plain wrong; as Mark Beath points out in his excellent post, the formal offer on the Reef Casino didn’t happen until late March this year (not mid-November last year as suggested in the Post’s story).
Positioning and threats are all parts of “business as usual” at this kind of level, and Fung is no doubt a master at it (as the OLGR will be fully aware). However, the Post should be careful that it isn’t being used quite so blatantly.
UPDATE. Statement from the OLGR re Aquis as quoted on Member for Cairns, Gavin King’s Facebook page.