The revised cash bid is more than 40 per cent above February levels when Iris first approached RCT.
Australia.- Iris Capital, which already operates Casino Canberra and Lasseters Hotel Casino in Alice Springs, has increased its offer for Reef Casino Trust, owner of the Reef Hotel Casino in Cairns. RCT’s board has unanimously recommended the deal, subject to regulatory approvals and confirmation from an independent expert.
The bid of US$2.5 per unit marks a 4.3 per cent premium on the latest closing price and more than 40 per cent above February levels, when the first offer was made. It values the company at US$125m. The revised agreement also raises the break fee to nearly AU$1.9m (US$1.2m).
Major shareholders Accor and Casinos Austria International, who together hold over 71 per cent of units, have signalled support and intend to accept the offer in the absence of a superior bid.
Iris Capital operates more than 60 hotels nationwide, and the addition of the Reef Hotel Casino would strengthen its presence in Queensland. The deal still requires approval from Queensland’s casino and liquor regulators, and is contingent on an 80 per cent acceptance threshold. The bidder’s statement is expected to be filed on August 29, with RCT’s formal response due in late September.
The revised cash bid is more than 40 per cent above February levels when Iris first approached RCT. Australia.- Iris Capital, which already operates Casino Canberra and Lasseters Hotel Casino…
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