Sun International offers $60 million to buy out Real Africa Holdings unit
Sun International, Africa's second-biggest casino group, offered on Thursday around $60 million for the remaining shares it does not already own in casion unit Real Africa Holdings.
The deal would allow Sun International greater control over some of its casinos, of which Real Africa owns minority stakes. Sun, which already owns 66 percent of Real Africa, said it would buy 114 million shares for 422 cents each, an 11 percent premium to the share's closing price on Wednesday.
That would value the deal at 470 million rand, according to Reuters calculations.
Shares in RAH jumped 5.26 percent to 4 rand by 1043 GMT while Sun International was unchanged at 86.50 rand.
Johannesburg-based Sun International said two of Real Africa's shareholders Grand Parade Investments, and unlisted Utish Investments which together hold 30.5 percent of the company -- have agreed to vote in favour of the deal.
This article was originally posted on Africa Banking Network
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