Reef Casino Trust, the operator of Australia’s The Reef Hotel Casino in Cairns, said Monday that it has entered into a Takeover Bid Implementation Agreement that will, if completed, see the property acquired in full by hospitality group Iris Capital for AU$177 million (US$116 million).
The transaction is described as an “off-market takeover bid” with Reef Casino Trust (RCT) directors recommending stakeholders vote in favor.
RCT counts hotels group Accor and Austrian casino operator Casinos Austria International as its two largest shareholders with a combined 70% interest. The company stated in Monday’s announcement that Accor and Casinos Austria have both advised their support of the bid in the absence of a superior proposal and subject to an independent expert giving a reasonable opinion.
RCT said the offer price of a little over AU$3.55 per unit reflects a 17.69% premium over the closing price on 11 July 2025 and a 30.19% premium over the closing price on 25 February – the last day that RCT units were traded following announcement of Iris Capital’s initial approach.
The company added that, as per the terms of the Takeover Bid Implementation Agreement, it has now ceased negotiations with all other parties in regard to any competing offers.
A detailed summary of the proposed acquisition by Iris Capital is expected to be sent to unit holders in late September, TRC said.
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