Iris Cairns Property strikes A$177m deal for Reef Casino
Sydney-based Iris Cairns Property, who owns two casinos in Canberra and Alice Springs, has had a bid accepted for the Reef Casino Hotel in Cairns, Australia.
Current owner Reef Casino Trust confirmed it has entered into a Takeover Bid Implementation Agreement with Iris Cairns Property, which involves an off-market cash takeover bid valued at approximately A$177m.
Reef Casino Trust stated: “The proposed takeover has the unanimous support of the RCSL Board, and all of the Directors also intend to accept the offer in respect of all the units they hold or control after the satisfaction or waiver of the regulatory conditions, in the absence of a superior proposal and subject to the Independent Expert giving (and not revoking) a reasonable opinion. RCT’s two largest unitholders — Accor and Casinos Austria International, who collectively have a relevant interest in more than 70 per cent of the units in RCT — have advised RCT of their support for the offer, and have confirmed that they intend to accept the Offer in respect of all of their RCT units within 21 days.”
Independent board committee chair Wendy Morris said: “We are pleased to have reached agreement with Iris in relation to a transaction that will deliver value to unitholders. The independent board committee believes that the offer represents a compelling premium to the recent and historical market price of RCT units.”
