Sun Global Terminates Peermont Group Acquisition Deal
South African resort and casino operator Sun Overseas unveiled today that it has chose to scrap the R6.5-billion plan for the purchase of rival casino company Peermont Group.
Sun Overseas currently manages quantity of resorts and gambling enterprises across Africa and Latin America. Last year, the company announced that it was planning to obtain a 100per cent stake in Maxshell 114, known to be Peermont’s keeping business.
Michael Farr, spokesman for Sun Overseas, 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 referred to the nation’s Competition Tribunal as an oversight human anatomy that can not be trusted.
A year ago, the South African Competition Commission suggested that the purchase deal be obstructed as though finished, it might eradicate any casino competition into the Gauteng province.
After the statement in regards to the deal’s termination, your competition Tribunal confirmed in a declaration from previous today that the involved parties informed the Tribunal at a hearing that is preliminary it had been not clear whether a merger would eventually just take place and requested for their instance to be ‚removed through the roll.’
At the moment, Peermont manages a true wide range of hotels so that as numerous as eight gambling venues across Southern Africa. (więcej…)