Tribunal approves R21bn Gold Reef, Tsogo merger
The Competition Tribunal on Friday, 11 February 2011, unconditionally approved the R21 billion merger between Gold Reef Resorts and Tsogo Sun Holdings.
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.
Source: I-Net Bridge
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