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Johannesburg - Sun International [JSE:SUI], Africa's second-biggest casino group, on Thursday offered about $60m for the remaining shares it does not already own in casino unit Real Africa Holdings (RAH).
The deal would allow Sun International greater control over
some of its casinos, of which RAH owns minority stakes. Sun, which
already owns 66% of Real Africa, said it would buy 114 million shares for 422
cents each, an 11% premium to the share’s closing price on Wednesday.
That would value the deal at R470m, according to Reuters
calculations.
Shares in RAH jumped 5.26% to R4 by 10:43 GMT, while Sun
International was unchanged at R86.50.
Johannesburg-based Sun International said two of Real Africa's shareholders, Grand Parade Investments and unlisted Utish Investments - which together hold 30.5% of the company - have agreed to vote in favour of the deal.
