Sun Global Terminates Peermont Group Acquisition Deal

Sun Global Terminates Peermont Group Acquisition Deal
South African hotel and casino operator Sun International unveiled today so it has decided to scrap the R6.5-billion plan for the acquisition of rival casino company Peermont Group.
Sun Overseas currently manages range accommodations and casinos across Africa and Latin America. A year ago, the organization announced that it was planning to obtain a 100% stake in Maxshell 114, regarded as Peermont’s holding business.
Michael Farr, spokesman for Sun Overseas, said on Wednesday they’ve informed the South African Competition Tribunal they have decided to abandon the merger plan and can not take more steps towards the said merger’s conclusion. Mr. Farr also referred to the country’s Competition Tribunal as an oversight body that can not be trusted.
Last year, the South competition that is african recommended that the acquisition deal be blocked just as if finished, it would eradicate any casino competition in the Gauteng province.
After the statement in regards to the deal’s termination, the Competition Tribunal confirmed in a statement from earlier today that the involved events informed the Tribunal at a hearing that is preliminary it was confusing whether a merger would sooner or later simply take spot and asked for for their instance become ‘removed through the roll.’
At the moment, Peermont manages a true amount of accommodations and as many as eight gambling venues across South Africa.
The statement concerning the merger’s termination comes merely 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 Global subsidiaries, operating casinos into the Western Cape.