It’s all systems go for Kersaf Investment’s proposed R1,6-billion buyout of the minority shareholders of listed gaming and hotel group Sun International SA (Sisa).
The holding group, which already owns 62,4% of Sisa, said on Thursday that all the remaining conditions precedent to the deal had been fulfilled.
The only two conditions remaining for the transaction to be completed were approval by the remaining provincial gaming licensing authorities and the lodging with and registration by the Registrar of Companies of the order of the court sanctioning the scheme, both of which have now been attained.
In terms of the deal — which has received almost 100% approval by Sisa shareholders — the latter will receive one Kersaf share for every 13 Sisa shares held, or an alternative cash offer of R3,50 per Sisa share, limited to a maximum aggregate cash outflow from Kersaf of R400-million.
Once the deal goes through, Sisa will be delisted from the JSE Securities Exchange South Africa, and Kersaf’s name will be changed to Sun International Limited. – I-Net Bridge