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Sun International's Offer Unsolicited

29 Mar 2006

SOUTH AFRICA -- As reported by Money Web Business: "Sun International's (SUI) R5,90 a share cash offer for Real Africa Holdings (RAH), which has stakes in SUI's casinos, was unsolicited says RAH executive director Danie Vlok.

"Speaking to Moneyweb yesterday, Vlok said that the Real Africa board only received the offer at 17:30 on Monday, half an hour before it was released on the JSE's news service.

"'It was totally unsolicited. However, it is not a total surprise because we have quality assets in our portfolio. It makes good business sense for them [SUI] to do this.'

"Vlok was not in a position to say whether he thought the offer was fair and reasonable: 'We will evaluate it and then give reaction in due course. We will call a board meeting. Sun International has given us until April 7 to do so.'

"...Real Africa is of interest to SUI as it holds minority stakes in a number of its casinos: Carnival City, the Sibaya Casino KwaZulu-Natal, Port Elizabeth's Boardwalk; and Cape Town's GrandWest Casino and Table Bay Hotel..."

 
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