Iris says all conditions met for Reef Casino Trust takeover
Iris already holding more than 80 per cent of voting power.
Australia.- Iris Cairns Property says it has secured voting power of 80.97 per cent in Reef Casino Trust. That means it has surpassed all original conditions, although the offer was already non-conditional following the receipt of regulatory approvals last month.
The deal is scheduled to close on August 14. Accepting unitholders are expected to receive the cash consideration of AU$3.87 (US$2.71) per unit by September 4, in accordance with the terms of the offer, valuing the trust at approximately AU$192.7m (US$135m).
The takeover will give Iris control of Reef Casino Trust, which owns the Reef Hotel Casino and the Pullman Reef Hotel Casino in Cairns. The acquisition will further strengthen the group’s presence in the Australian land-based gaming sector, adding the Queensland property to its existing casino operations in Canberra and Alice Springs.
Earlier this year, the offer deadline had been extended to allow the Office of Liquor and Gaming Regulation to complete its suitability assessments before a decision was reached.
