Iris Capital Lodges Bid for Reef Casino Trust
Iris Capital has submitted an offer worth AU$177 million (US$116 million) to acquire the Reef Casino Trust (RCT) in Australia.
Tabled through the Iris Cairns Property Trust, the offer is valued at $3.5541 per share in Reef Casino Trust. This represents a 17.69% premium on the closing price on 11 July.
The RCT board has “unanimously” recommended that shareholders vote in favor of the offer. However, this is subject to regulatory conditions being satisfied and no superior proposals emerging.
Accor and Casinos Austria International, the two largest shareholders in RCT, have said they will support the deal. Collectively, the two entities hold more than 70% of all shares in the business. Iris Capital requires at least 80% shareholder backing for the takeover to proceed.
“We are pleased to have reached agreement with Iris in relation to a transaction that will deliver value to unitholders,” RCT Independent Board Committee Chair Wendy Morris said. “We believe the offer represents a compelling premium to the recent and historical market price of RCT units.”
Iris Capital Seeks Expanded Portfolio
Reef Casino Trust manages the Reef Hotel Casino in Cairns. The property features an on-site casino with a range of table and electronic gaming options for customers.
Other amenities at the venue include a 128-room hotel, several dining and drink options and a casino sports arena for viewing live sports.
Iris Capital is no stranger to the land-based casino market in Australia. The group already runs Casino Canberra, which it acquired in January 2023 in a US$42 million deal.
It also owns the Alice Springs property, having acquired the venue in 2021.
