Sun International Cancels Peermont Acquisition

Shareholder Approval and Regulatory Challenges

The proposal received approval from Sun International’s shareholders in March 2024, which marked a crucial step towards finalizing the transaction. However, the deal faced significant regulatory hurdles. In October 2024, the Competition Commission recommended that the transaction be prohibited under section 14A (1)(b)(iii) of the Competition Act, No. 89 of 1998.

This led the matter to be referred to the Competition Tribunal, which is the body responsible for approving or prohibiting mergers and acquisitions in South Africa.

Competition Tribunal Hearing and Regulatory Deadlines

The Competition Tribunal set a hearing date for the matter, with the closing arguments scheduled for October 2, 2025. However, given that the Tribunal’s decision would not be reached before the regulatory longstop date of September 15, 2025, the parties involved in the transaction—Sun International and Peermont—mutually agreed to terminate the deal.

The regulatory longstop date is the final deadline for the transaction to be completed under the agreed terms.