Two major shareholders rejected as too low a R1.5bn bid from Nueva Inversiones Pacifico for a majority stake in Sun International,  a move that tests the Chilean firm’s  determination to add African assets to its South American portfolio.

The nonbinding offer came hours after Sun International on Wednesday set out a plan to survive amid the economic uncertainty in the Covid-19 world,  helping  shares in the Johannesburg-based company stage a late-session rally to log their biggest one-day gain in almost a week.

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