Sun International Terminates Peermont Group Acquisition Deal
South African hotel and casino operator Sun Global unveiled today it has chose to scrap the R6.5-billion plan for the purchase of rival casino company Peermont Group.
Sun Overseas presently manages a true wide range of accommodations and casinos across Africa and Latin America. Last year, the organization announced that it was planning to acquire a 100per cent stake in Maxshell 114, regarded as Peermont’s holding company.
Michael Farr, spokesman for Sun International, stated on Wednesday they’ve 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 known the country’s Competition Tribunal as an oversight body that can’t be trusted.
Last year, the South African Competition Commission recommended that the acquisition deal be obstructed as though finished, it would eliminate any casino competition within the Gauteng province.
Following the announcement in regards to the deal’s termination, your competition Tribunal confirmed in a statement from previous today that the involved parties informed the Tribunal at a initial hearing that it had been not clear whether a merger would sooner or later take place and asked for due to their situation become ‘removed from the roll.’
At the moment, Peermont manages a true number of resort hotels and also as many as eight gambling venues across Southern Africa. Continue reading