** Shares of Reef Casino Trust RCT.AX rise as much as 6.1% to A$3.630, their highest level since April 1

** The trust, which manages The Reef Hotel Casino, gets unsolicited and non-binding proposal to acquire all co shares from MGGM Cairns No1 for A$184 million ($120.74 million) in aggregate

** Co received similar offer from Iris Cairns Property for all of the co shares for A$177 million in aggregate on July 14

** Says directors maintain recommendation of the Iris Offer

** About 83,287 shares traded, 19x the 30-day average

** YTD, stock up 24.1%, including the day's moves

($1 = 1.5239 Australian dollars)

(Reporting by Ananya Verma in Bengaluru)

((ananya.verma@thomsonreuters.com;))