The decision followed an eight-day hearing in which the Competition Commission recommended the approval of the deal, subject to the condition that the merged entity sell off Silverstar Casino in order 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.
The deal will be effected through an acquisition by Gold Reef of the Tsogo shares held by Tsogo Investment Holding and SABSA Holdings in exchange for shares in Gold Reef to form a merged company, which will be listed on the JSE.
At a later stage the tribunal will provide reasons for its finding.
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
