Reef Casino Trust Files Target's Statement as Independent Directors Endorse Iris Cairns Takeover Bid
Reef Casino Trust's independent directors recommend unitholders accept Iris Cairns Property's takeover bid, deemed fair and reasonable by an independent expert.Summary
Reef Casino Trust (ASX: RCT) has lodged its Target's Statement with the Australian Securities and Investments Commission (ASIC) in response to an off-market takeover proposal from Iris Cairns Property Pty Ltd, as trustee for the Iris Cairns Property Trust. The independent directors unanimously recommend that unitholders accept the offer, provided no superior proposal emerges and the independent expert maintains its opinion that the bid is fair and reasonable. Lonergan Edwards & Associates Limited, the independent expert, has determined the offer to be fair and reasonable for RCT unitholders if no better proposal arises. The offer period is set to close at 7:00 pm Sydney time on 9 November 2026, unless extended or withdrawn. The Target's Statement was lodged on 23 October 2026, and unitholders will be notified on how to access it.
(Source：Kalkine Media)