takeover talks

Casino operator Gold Reef Resorts' shares rose nearly 11percent to R31,50 after the company announced it was in talks with a private-equity consortium. A consortium led by Ethos Private Equity Fund V, Gold Reef management and black investors might make an offer of R34 a share in cash. Gold Reef said that implied an enterprise value of R11,6billion. Investors holding 76percent of the company's shares had irrevocably undertaken to back such an offer. Gold Reef operates the Gold Reef City theme park and casino in Johannesburg and other casinos and hotels around the country. - Reuters

Casino operator Gold Reef Resorts' shares rose nearly 11percent to R31,50 after the company announced it was in talks with a private-equity consortium. A consortium led by Ethos Private Equity Fund V, Gold Reef management and black investors might make an offer of R34 a share in cash. Gold Reef said that implied an enterprise value of R11,6billion. Investors holding 76percent of the company's shares had irrevocably undertaken to back such an offer. Gold Reef operates the Gold Reef City theme park and casino in Johannesburg and other casinos and hotels around the country. - Reuters

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