Iris Cairns Property has received the required Queensland government approvals for its takeover of Reef Casino Trust and removed the minimum acceptance condition, with its voting power reaching 79.79 percent.
Reef Casino Trust owns and leases the Reef Hotel Casino complex in Cairns, Queensland.
In a fourth supplementary bidder’s statement dated July 24th, Iris said the approvals satisfied the bid’s regulatory conditions. The filing did not identify the agencies or detail the approvals.
The bidder will update investors on the remaining conditions by August 6th. The offer closes at 7:00 pm Sydney time on August 14th, unless extended.
Major unitholders representing 71.96 percent of Reef Casino Trust units have accepted the offer and cannot withdraw their acceptances, according to the filing.
The offer represents a 28.15 percent premium to the trust’s AU$3.02 ($2.11) closing price on July 11th, 2025, the last business day before the proposed offer was announced. It is also 43.80 percent above the three-month volume-weighted average price through February 25th, 2025.
If Iris reaches the 90 percent ownership threshold by the end of the offer period and acquires at least 75 percent of units under the offer, it intends to compulsorily acquire the remainder.
If it falls short, Iris may seek to delist Reef Casino Trust from the Australian Securities Exchange, depending on the final level of acceptances.
The target’s directors have recommended that unitholders accept the offer in the absence of a superior proposal. Independent expert Lonergan Edwards & Associates concluded that the offer was fair and reasonable on the same basis.
