Sun International abandons proposed buyout of Peermont

Posted On Thursday, 07 April 2016 13:38 Published by
Rate this item
(0 votes)

Sun International tells the Competition Tribunal it is abandoning its proposed R9.4bn acquisition of Peermont.

 Graeme_Stephens_Sun_International_CEO

Sun International told the Competition Tribunal on Wednesday it was abandoning its proposed R9.4bn acquisition of Peermont.

In December, shortly after the Competition Commission prohibited the deal, Sun International advised shareholders that since tribunal hearings were unlikely to occur before June, it intended to let its offer for Peermont lapse at the end of March.

The commission barred the deal because in the Gauteng casino market, Peermont owns Emperors Palace and Sun International owns Morula Sun.

Part of Sun International’s agreement to acquire Peermont involved the owner of Emperors Palace dropping a court case challenging Sun International’s application to move its Morula casino from Mabopane to Menlyn in Tshwane.

The commission said the transaction would prohibit competition in the central Gauteng casino market and it did not accept the "behavioural remedies" submitted by the parties.

source" Business Day

Last modified on Thursday, 07 April 2016 13:51

Most Popular

Balwin's Munyaka registers record R850 million in opening weekend sales, selling 555 apartments

Mar 09, 2020
Steve_Brookes_Balwin_Properties
JSE listed Balwin Properties, a developer that cares about environmentally responsible…

Balwin Properties and ABSA launch South Africa’s first green home loan

Mar 13, 2020
Apartment 71933
JSE-listed Balwin Properties Limited (Balwin Properties or the Company) and Absa Group…

Growthpoint reports a steady first half with its growth strategies paying dividends

Mar 11, 2020
Growthpoint Properties Group CEO Norbert Sassee
Growthpoint Properties (JSE: GRT) reported distributable income growth of 2.2% to R3.2bn,…

Spear REIT launches innovative self-isolation campaign for returning travellers in Cape Town, South Africa to combat COVID-19:

Mar 18, 2020
Double Tree Op
JSE listed Spear REIT Limited, the owner of the Double Tree by Hilton Cape Town, is the…

Precautions, planning and preparation - the real estate agent's guide to weathering the Covid19 storm

Mar 16, 2020
Corona
With the Corona Virus now in SA and beginning to cause widespread panic, we are not only…

Please publish modules in offcanvas position.