Iris Cairns Property has opened its latest takeover offer for Reef Casino Trust, seeking to acquire the remaining units in the owner of the Reef Hotel Casino in Cairns.
The off-market offer opened on 8 October at AU$4.67 cash per unit and is scheduled to close at 7pm Sydney time on 9 November, unless extended. The bid is unconditional, and unitholders who accept must do so for all Reef Casino Trust units they hold at the time their acceptance is processed.
The latest proposal follows Iris' previous takeover, which resulted in the company securing an 85.77% interest in Reef Casino Trust when the offer closed in August.
That process began in February 2025 with an offer of AU$3.55 per unit. The consideration was subsequently increased to AU$3.87 before the transaction was completed following regulatory approvals in Queensland.
The new AU$4.67 proposal represents a further increase of AU$0.80 per unit from the previous offer. Iris lodged its Bidder's Statement with the Australian Securities and Investments Commission in September.
Reef Corporate Services, the responsible entity for Reef Casino Trust, has established an Independent Board Committee to assess the latest proposal. Its Target's Statement is expected to include an independent expert report.
The earlier takeover faced delays while Queensland authorities assessed Iris' suitability to take control of the casino. Regulatory approval was eventually obtained before the August closing date.
Following that transaction, Reef Hotel Casino joined Iris Group's existing gaming portfolio, which includes Casino Canberra and Lasseters in Alice Springs.
The latest bid provides Iris with another opportunity to increase its ownership of Reef Casino Trust after securing control earlier this year.
Reef Casino Trust owns the Reef Hotel Casino in Cairns
