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Sun Overseas Terminates Peermont Group Acquisition Deal

Sun Overseas Terminates Peermont Group Acquisition Deal

South African resort and casino operator Sun Global unveiled today that it has made a decision to scrap the R6.5-billion plan for the acquisition of competing casino company Peermont Group.

Sun Overseas presently manages a true amount of resorts and casinos across Africa and Latin America. This past year, the company announced it was about to get a 100% stake in Maxshell 114, regarded as Peermont’s keeping business.

Michael Farr, spokesman for Sun International, said on Wednesday they have informed the South African Competition Tribunal they have made a decision to abandon the merger plan and certainly will maybe not just take any more steps towards the said merger’s conclusion. Mr. Farr also known the united states’s Competition Tribunal as an oversight body that can’t be trusted.

Last year, the South African Competition Commission recommended that the acquisition deal be obstructed just as if finished, it would expel any casino competition within the Gauteng province.

Following statement about the deal’s termination, the Competition Tribunal confirmed in a declaration from earlier in the day today that the involved events informed the Tribunal at a initial hearing that it had been ambiguous whether a merger would fundamentally just take place and requested for his or her situation become ‘removed through the roll.’

At present, Peermont manages a true range accommodations and as many as eight gambling venues across Southern Africa. Sigue leyendo