Reef Casino Trust's (ASX:RCT) responsible entity responded to speculation involving an agreement with Iris Hotel Group about a potential control transaction, according to a Wednesday Australian bourse filing.
The company confirmed that it has received a confidential, non-binding, and highly conditional proposal from Iris to acquire 100% of the units in RCT for consideration by the board of the company's responsible entity, Reef Corporate Services (RCSL), the filing said.
The proposed deal also contemplates the acquisition of RCSL and Casinos Austria International, per the filing.
RCSL will grant Iris four weeks of exclusive due diligence to facilitate the exploration of the Proposal, the company added.
The company's shares rose almost 2% in recent Thursday trade.
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