Johnnic
Boosts Stake in Tsogo Sun Casinos
As reported by Reuters: "South
African casino and hotel company Johnnic Holdings
will pay $100 million to boost its stake in
the lucrative Tsogo Sun casinos and bolster
its defences against a hostile takeover bid
by rival HCI.
"Johnnic
said on Tuesday it had agreed to buy Nafcoc
Investment Holdings's (Nafhold) 25 percent stake
in Tsogo Investment Holding Company (TIH), which
controls Tsogo Sun, for 675 million rand.
"Shares
in Johnnic leapt 7.1 percent to 12 rand by the
market close, increasing the stock's premium
over a 10.70 rand per share cash bid by HCI,
or an offer of one of its own share for 2.57
Johnnic shares -- both of which have been rejected
by Johnnic…"
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