Iris Capital’s takeover offer for Reef Casino Trust has become unconditional after the Australian hospitality group secured all required regulatory approvals and waived the remaining conditions attached to the bid, according to a Thursday filing.
Bidder Iris Cairns Property said its voting power in the trust had reached 80.97 percent, based on the 49.8 million units on issue. Major unitholders holding a combined 71.96 percent have accepted the offer and cannot withdraw their acceptances.
Iris is offering AU$3.87 ($2.71) per unit, valuing the trust at approximately AU$192.7 million ($135 million). The offer will close at 7 pm Sydney time on August 14th and will not be extended unless required by law.
Reef Casino Trust owns the Reef Hotel Casino complex in Cairns, Queensland. The property includes a casino and a Pullman-branded hotel.
The wider transaction includes Iris’ acquisition of Reef Corporate Services Limited, the trust’s responsible entity, and Casinos Austria International (Cairns), which operates the casino and hotel. Both purchase agreements are scheduled to be completed when the takeover offer closes.
Iris plans to appoint its nominees to the responsible entity’s board shortly after the offer period ends.
However, Iris remains below the 90 percent ownership threshold for compulsory acquisition. The bidder said it may seek to delist the trust depending on the final level of acceptances.
