The proposed merger between Gold Reef and Tsogo Sun, two of South Africa's largest casino operators, has been approved by shareholders.
It was announced in February that the two businesses planned to merge through the acquisition by Gold Reef of the entire issued share capital of Tsogo Sun in exchange for the issue of new shares in Gold Reef.
On Monday, Gold Reef’s shareholders voted in favour of completing the transaction, which will bring 14 gaming properties together under the new company.
Speaking to InterGaming in March, Tsogo Sun’s chief financial officer, Marcel von Aulock, said the merger would be of benefit to shareholders in both companies.
“This merger proposal makes sense for all shareholders as it allows Gold Reef shareholders to remain invested in the new combined company and gain exposure to the assets of Tsogo Sun, such as Montecasino and the Suncoast, while still allowing the groups to combine as part of the natural evolution of the casino market,” he said.
