Australia’s Reef Casino operator has received an updated takeover bid from an entity associated with the Morris Group.
According to a Monday filing, with the Australian Securities Exchange, Reef Corporate Services Limited (RCSL), the responsible entity for Reef Casino Trust, received an offer for AU$184.3 million ($120.07 million) – at AU$3.70 ($2.41) per unit in regards to its shares. The proposal also ‘contemplates the acquisition of Casinos Austria International (Cairns) and RCSL’ by another entity associated with the Morris Group.
The group notes that the revised proposal ‘now includes a conditional offer to enter into share purchase agreements in respect of CAIC and RCSL.
In late July, an entity associated with the Morris Group had offered some AU$184 million ($119.88 million) to take over RCSL. This follows a bid by Iris on July 11th, valued at AU$17 million ($116.34 million). The first bid encompassed an ‘off-market cash takeover bid to acquire all of the ordinary units in Reef Casino Trust’.
Despite the new, updated bid from the Morris Group entity, the directors of CRSL ‘main their recommendation of Iris’ offer’.
