Sun International Terminates Peermont Group Acquisition Deal
South African hotel and casino operator Sun Overseas unveiled today it has decided to scrap the R6.5-billion plan for the acquisition of rival casino company Peermont Group.
Sun International presently manages a true amount of accommodations and gambling enterprises across Africa and Latin America. A year ago, the company announced it was likely to acquire a 100% stake in Maxshell 114, known to be Peermont’s keeping company.
Michael Farr, spokesman for Sun International, stated on Wednesday they’ve informed the South African Competition Tribunal they’ve chose to abandon the merger plan and can perhaps not simply take more steps towards the said merger’s conclusion. Mr. Farr also known the nation’s Competition Tribunal as an oversight body that may not be trusted.
Last year, the South competition that is african suggested that the acquisition deal be obstructed just as if finished, it might eliminate any casino competition into the Gauteng province.
After the statement about the deal’s termination, the Competition Tribunal confirmed in a statement from earlier in the day today that the involved events informed the Tribunal at a hearing that is preliminary it was confusing whether a merger would sooner or later just take destination and requested because of their situation become ‘removed from the roll.’
At the moment, Peermont manages a true quantity of resorts so that as many as eight gambling venues across South Africa. Read more