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Casino merger hearings postponed

Dec 13 2010 13:08
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Company Data

SABMILLER PLC [JSE:SAB]

Last traded 946
Change 11
% Change 1
Cumulative volume 2207764
Market cap 0

Last Updated: 12-02-2016 at 05:08. Prices are delayed by 15 minutes. Source: McGregor BFA

TSOGO SUN HOLDINGS LIMITED [JSE:TSH]

Last traded 22
Change 0
% Change 0
Cumulative volume 502288
Market cap 0

Last Updated: 12-02-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Gauteng gamblers coin it

Hearing on Tsogo, Gold Reef merger

More nods for Gold Reef, Tsogo merger

 

Johannesburg - The Competition Tribunal has postponed to next year hearings on the proposed merger between Gold Reef Resorts [JSE:GDF] and Tsogo Sun.

The competition body said hearings were not completed on December 10 2010 as scheduled and will resume on January 13 and 14 2011, with legal argument set for February 9 2011.

The proposed deal is dependent on the tribunal for final approval.

The two national casino operators have thus far managed to secure support from the Gauteng Gambling Board, KwaZulu-Natal Gambling Board, Mpumalanga Gambling Board and the Western Cape Gambling and Racing Board.

The Competition Commission recommended in November that the tribunal approve the deal, on condition that the merged entity sells off Silverstar Casino.

According to the commission, the merger could potentially lessen competition in the Gauteng casino market.

The deal will be effected through an acquisition by Gold Reef of the Tsogo shares held by Tsogo Investment Holding (TIH) and SABMiller [JSE:SAB] in exchange for the issue of new Gold Reef shares to form a merged company, which will be listed on the JSE.

SABMiller will exchange its 49% interest in Tsogo Sun for a 39.7% interest in the enlarged Gold Reef/Tsogo Sun business, which will continue to be listed on the JSE with an expected market capitalisation of about R21bn.

 

 
 
 

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