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

Fairvest to become fourth property company to list on A2X

Oct 30, 2019
DARREN WILDER
Fairvest Property Holdings, a real estate investment trust with a market cap of R2…

Pam Golding Properties Annual Residential Property Report 2019

Nov 08, 2019
SA Reserve Bank
Signs that the residential property market is beginning to stabilise.

Diverse range of residential and commercial properties on BidX1’s next online property auction

Oct 22, 2019
BIX1 AUCTION 1
A diverse array of residential and commercial properties with lucrative investment…

Atterbury launches its new co-working concept, Attspace

Oct 22, 2019
ATTSPACE1
Atterbury is making its first foray into shared workspaces with its new Attspace…

Prime commercial and residential development opportunities and investment properties on auction

Oct 22, 2019
 LOT 8 2
Business owners, entrepreneurs and developers seeking commercial or residential property…

Please publish modules in offcanvas position.