Reef Casino Trust's Responsible Entity Receives Second Revised Takeover Bid From MGGM Cairns; Shares Hit 8.5-Year High

MT Newswires Live

2025/08/21

Reef Casino Trust (ASX:RCT) said its responsible entity, Reef Corporate Services (RCSL), received another conditional revised takeover offer from MGGM Cairns to acquire all issued units in the trust for about AU$191.7 million, or AU$3.85 per unit, according to a Monday filing with the Australian bourse.

The offer is similar to the terms and conditions made by Iris Cairns Property and will be reviewed by an independent board committee and advisers, the filing said.

The company continues to recommend Iris' offer to shareholders, subject to a conclusion by an independent expert that the acquisition is fair and reasonable.

Shares of the company rose past 2% in recent Thursday trade, hitting their highest since January 2017.

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