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Sun Overseas Terminates Peermont Group Acquisition Deal

Sun Overseas Terminates Peermont Group Acquisition Deal

South African hotel and casino operator Sun Overseas revealed today so it has decided to scrap the R6.5-billion plan for the purchase of competing casino company Peermont Group.

Sun Global currently manages quantity of resorts and casinos across Africa and Latin America. This past year, the company announced it was likely to obtain a 100% stake in Maxshell 114, known to be Peermont’s holding company.

Michael Farr, spokesman for Sun Overseas, stated on Wednesday they have decided to abandon the merger plan and will not take any more steps towards the said merger’s completion that they have informed the South African Competition Tribunal. Mr. Farr also referred to the country’s Competition Tribunal as an oversight body that can not be trusted.

A year ago, the South African Competition Commission suggested that the acquisition deal be obstructed as though finished, it would eradicate any casino competition into the Gauteng province.

Following the statement about 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 absolutely was uncertain whether a merger would ultimately take place and requested for his or her instance become ‘removed through the roll.’

At present, Peermont manages wide range of resorts so that as many as eight gambling venues across Southern Africa.

The statement about the merger’s termination comes only a time after it became clear that gambling operator Tsogo Sun would make another try to acquire a stake that is strategic two Sun International subsidiaries, running casinos in the Western Cape. Continue reading