South African Gold Reef receives us$ 1.5 billion bid
The offer, which Gold Reef’s board has recommended to shareholders, will see the consortium buy all the casino operator’s shares for a cash consideration of us$ 4.74 a share.
The consortium also includes investment subsidiaries of Goldman Sachs and real estate investment funds sponsored and managed by Goldman Sachs, certain broad-based Black Economic Empowerment groups which currently own an interest in Gold Reef and members of the Gold Reef management team.
Gold Reef has issued five cautionaries this year, the most recent coming on 23 August, while the offer represents a 48.5 percent premium to Gold Reef’s share price on 8 March, before it issued its first cautionary.
The group’s shares closed 1.1 percent in the black, at us$ 4.43, although the announcement was made after the market closed on Monday.
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