Sun International Terminates Peermont Group Acquisition Deal
South African resort and casino operator Sun Global revealed today it has made a decision to scrap the R6.5-billion plan for the acquisition of rival casino company Peermont Group.
Sun International currently manages range resorts and gambling enterprises across Africa and Latin America. This past year, the company announced it was about to obtain a 100% stake in Maxshell 114, regarded as Peermont’s holding company.
Michael Farr, spokesman for Sun Global, said on Wednesday that they have decided to abandon the merger plan and will not take any more steps towards the said merger’s completion that they have informed the South African Competition Tribunal. Mr. Farr also described the nation’s Competition Tribunal as an oversight body that can’t be trusted.
Last year, the South African Competition Commission suggested that the purchase deal be obstructed as if completed, it would eradicate any casino competition within the Gauteng province.
Following the statement concerning the deal’s termination, the Competition Tribunal confirmed in a declaration from earlier today that the involved parties informed the Tribunal at a initial hearing that it absolutely was ambiguous whether a merger would ultimately simply take spot and asked for for their instance to be ‘removed from the roll.’
At present, Peermont manages quantity of accommodations so that as numerous as eight gambling venues across Southern Africa.
The announcement concerning the merger’s termination comes just a day after it became clear that gambling operator Tsogo Sun would make another make an effort to acquire a stake that is strategic two Sun Overseas subsidiaries, operating gambling enterprises into the Western Cape. Continuez la lecture