Sun International has received a R1.5bn offer for a controlling stake from Chilean investment house Nueva Inversiones Pacifico Sur, helping the share price of SA’s second-biggest hotels and casino operator stage a late-session rally to close 22% higher.

Under the partial cash offer, privately held Nueva is bidding R22 per share for a 50.1% stake in the company, plus a bridge loan and commitment to underwrite more than half of Sun International’s planned R1.2bn rights offer, it said in a statement on Wednesday...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now