Latest Reef Casino Trust (Asx:Rct) News

Morris Group has launched a conditional, non-binding takeover proposal for Reef Casino Trust, offering $3.70 per unit, rivaling the existing Iris bid. The Independent Board Committee urges unitholders to hold off while assessing this alternative.

Iris Cairns Property Pty Ltd has agreed to acquire Reef Casino Trust in a $177 million cash takeover bid, endorsed unanimously by the Reef Casino Trust board and its largest unitholders.

Reef Casino Trust reported stable 2024 financial results with steady distributions, while confidential takeover proposals from two groups are under board review. Operational challenges include rising regulatory costs and inflationary pressures.

Reef Casino Trust projects a drop in first-half distributable profit for 2025, citing stable revenues but increased regulatory and transaction-related expenses.

Reef Casino Trust’s responsible entity confirms ongoing confidential negotiations with two parties over potential acquisition proposals exceeding A$200 million, though no deal is assured.