Sun Global Terminates Peermont Group Acquisition Contract
South African hotel and casino operator Sun Global unveiled today that it has decided to scrap the R6.5-billion plan for the purchase of rival casino company Peermont Group.
Sun International currently manages number of accommodations and casinos across Africa and Latin America. A year ago, the organization announced that it was planning to get a 100% stake in Maxshell 114, regarded as Peermont’s keeping business.
Michael Farr, spokesman for Sun International, stated on Wednesday they have informed the South African Competition Tribunal they have decided to abandon the merger plan and can perhaps not take more actions towards the said merger’s completion. Mr. Farr additionally referred to the united states’s Competition Tribunal as an oversight human anatomy that may not be trusted.
Last year, the South African Competition Commission suggested that the acquisition deal be obstructed as if completed, it could eliminate any casino competition into the Gauteng province.
Following a statement about the deal’s termination, your competition Tribunal confirmed in a statement from earlier in the day today that the involved events informed the Tribunal at a initial hearing that it had been not clear whether a merger would eventually simply take destination and requested due to their instance to casinos online free be ‘removed through the roll.’
At present, Peermont manages a true number of accommodations so that as many as eight gambling venues across Southern Africa. Read More