Reef Casino Trust (RCT: ASX), a single-purpose trust that owns and manages The Reef Hotel Casino in Cairns, North Queensland, has received a revised conditional offer from Morris Group to acquire all of its issued units. Reef Corporate Services Limited (RCSL), the responsible entity of RCT, announced that MGGM Cairns No1 Pty Ltd, an entity associated with Morris Group, submitted the revised alternative proposal via an off-market cash takeover bid. The offer mirrors the non-binding indicative offer announced on 28 July 2025.
Under the revised proposal, RCT unitholders would receive approximately $184.3 million in aggregate, equating to $3.70 per unit for the 49,801,036 fully paid units currently on issue. The proposal also includes the acquisition of Casinos Austria International (Cairns) Pty Limited (CAIC) and RCSL by another Morris Group entity. The revised offer now contains a conditional offer to enter into share purchase agreements for CAIC and RCSL.
The Independent Board Committee established by RCSL, along with its financial and legal advisors, will assess the revised proposal. RCSL has advised unitholders to take no action at this time. The company also noted that Iris Cairns Property Pty Ltd holds certain rights under the Takeover Bid Implementation Agreement (Iris BIA) announced on 14 July 2025, including the right to match competing proposals.
The directors of RCSL maintain their recommendation of Iris’s offer, subject to there being no superior proposal, satisfaction of regulatory conditions, and the independent expert determining the offer is either fair and reasonable, or not fair but reasonable. RCSL has stated that it will continue to update the market on any material developments regarding the revised alternative proposal and the Iris BIA.
