Iris Cairns takeover bid for Reef Casino Trust faces regulatory delays

Iris Cairns Property Pty Ltd, as trustee for the Iris Cairns Property Trust, has announced a delay in its off-market takeover bid for Reef Casino Trust. The original bid was priced at A$3.87 per unit.

Regulatory approvals from the Queensland Office of Liquor and Gaming Regulation for casino and liquor licensing are now expected to extend beyond the initial December 2025 timeframe. Iris confirms that suitability investigations under the Casino Control Act 1982 (Qld) are unlikely to conclude before the offer period ends on March 13, 2026, with decisions not anticipated before the end of May 2026.

Consequently, Iris intends to extend the offer period beyond May 31, 2026. Major unitholders, CAIL and Accor, have reconfirmed they will not exercise withdrawal rights due to this extension, subject to no superior proposal and the independent expert continuing to find the offer fair and reasonable.