EDITORIAL: Investors raise eyebrows at audacious offer for Sun International
Value Capital Partners and Allan Gray give short shrift to bid by Nueva Inversiones Pacifico Sur of R22 per share
29 June 2020 - 05:05
It was an easy choice to make for two large shareholders in Sun International if the price reaction since Nueva Inversiones Pacifico Sur swooped in with a R1.5bn offer for a majority stake in the hotels and casino group is anything to go by.
Though the stock has surged by about a quarter since the offer was made public on Wednesday, it is still about 20% below the offer price, suggesting that investors see little prospect of the deal going through. ..
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