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Gold Reef surges on merger approval

Feb 11 2011 13:12 Reuters & I-Net Bridge

Company Data

TSOGO SUN HOLDINGS LIMITED [JSE:TSH]

Last traded 26.88
Change -0.41
% Change -0.02
Cumulative volume 480086
Market cap 28.20bn

Last Updated: 12/09/2014 at 04:20. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Shares of Gold Reef Resorts [JSE:GDF] jumped more than 5% after the competition watchdog unconditionally approved the casino operator's R21bn merger with rival Tsogo Sun Holdings.

There had been concern that Gold Reef would have to sell its Silverstar Casino assets to do the deal, but the Competition Tribunal said on Friday it had approved the bid without conditions.

Shares of Gold Reef were up 5.6% at R17.75 in mid-morning trade.

The decision followed an eight-day hearing in which the Competition Commission recommended the approval of the deal, subject to the  merged entity selling off Silverstar Casino to maintain competition in the Gauteng casino gaming market.

Tsogo and Gold Reef, however, argued that competition would not be lessened by the merger and so it was not necessary to divest from
Silverstar.

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