Australia's Reef Casino at near three-decade high after takeover offer from majority stakeholder

Reef Casino Trust

25/09/2026 06:33

** Shares of Reef Casino Trust RCT.AX rise as much as 29% to A$4.650, their highest level since January 1997
** The casino operator says it received an offer from Iris Cairns Property Pty, after market hours on Thursday, to acquire shares it doesn't already own
** Iris' offer price A$4.67 apiece represents a premium of 29.5% to RCT's last close on September 23
** Iris currently holds an 85.77% of the units in RCT
** Nearly 42,568 shares change hands, 5.2x times the 30-day average
** YTD, stock up 31.8% including the day's moves

 (Reporting by Tejas Harish in Bengaluru)
 ((tejas.harish@thomsonreuters.com;))