Johannesburg – Tsogo Sun’s bid to acquire a minority stake in Sunwest International and Worcester Casinos from Sun International and Grand Parade Investments has collapsed, the company announced on Friday.

The proposed transaction has been under discussion since May 2014. The deal collapsed after the date of implementation for the transaction, a key condition on which it was dependent, was moved from 31 May this year to the end of August.

“It has now become apparent that the revised implementation date of 31 August 2015 will not be achieved and based upon recent discussions, the Parties have concluded that it is not possible to extend the date again as the commercial metrics agreed to under the Proposed Transaction have changed due to the effluxion of time,” the company said in a statement.

“The parties, by mutual agreement, have therefore decided to terminate the proposed transaction,” the statement continued.

The Tsogo Sun share price closed at R 24,90, up 0,4%, a against the JSE, which was down 0,48%.

Source: Business report