Reef Casino Trust's Responsible Entity Receives Revised Takeover Bid From MGGM Cairns

MT Newswires Live

Aug 11, 2025

Reef Casino Trust (ASX:RCT) said its responsible entity, Reef Corporate Services (RCSL), had received a conditional revised takeover offer from MGGM Cairns to acquire all issued units in the trust for about AU$184.3 million, or AU$3.70 per unit, according to a Monday filing with the Australian bourse.

The offer will be reviewed by an independent board committee and advisers, the filing said.

Iris Cairns Property, which has an existing takeover bid implementation agreement with RCSL, retains rights to match competing proposals, the filing added.

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

Shares of the company rose 1% in recent Monday trade.

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