London & Regional Properties has teamed up with international casino company Century Casinos to make a takeover bid for South African casino and resort company Peermont Global.
Century and London & Regional, owned by Ian and Richard Livingstone, said today they had made an initial proposal, subject to a number of pre-conditions, including due diligence, to Peermont’s board.
An offer would be subject to certain regulatory approvals, including the approval of the various gambling boards in the provinces in which Peermont operates. Century is already licensed in the two South African provinces of Western Cape and Kwazulu Natal.
Peermont has already received a R12.90-a-share offer in November, valuing it at R4.26bn (£297m) from a consortium of Mineworkers Investment Company, a 'black investor group', and key Peermont management.
In South Africa, Peermont owns and operates the Emperor's Palace Hotel, Casino and Convention Resort in Johannesburg; the Graceland Hotel, Casino and Country Club in Secunda; the Frontier Inn and Casino in Bethlehem; the four Tusk Casino Resorts in Mmabatho, Empangeni, Klerksdorp and Thohoyandou; and the Mondazur Resort Estate Hotel in San Lameer. In Gaborone, Botswana, Peermont owns and operates the Grand Palm Hotel, Casino and Convention Resort.