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GOLD REEF IN MERGER WITH TSOGO SUN

GOLD Reef Resorts proposed a $2,23 billion all-share merger with SABMiller’s Tsogo Sun unit to create one of the biggest casino groups in the Middle East, Africa, and Europe.
Gold Reef will acquire Tsogo’s entire issued share capital with its own new shares. The deal values Tsogo at R17,1 billion based on Gold Reef’s closing price of R1925 on January 29, the last day before the release of cautionary announcements. Tsogo, which runs Monte casino and Suncoast Casino, is 51 percent owned by investment group Hosken Consolidated lnvestments HCI.

HCI will eventually own 41,1°/a of the merged group, while Gold Reef will own 19 percent and SABMiller will exchange its 49 percent stake for a 39,7 percent holding in the new entity, which will remain listed on the ISE

Source: The Citizen – Reuters