SABMiller: Tsogo Sun, Gold Reef Resorts Merger Unconditional

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SABMiller PLC (SAB.JO), the brewer which houses premium international beers such as Pilsner Urquell, Peroni Nastro Azzurro, Miller Genuine Draft, and Grolsch, said Friday all conditions precedent relating to the merger of Tsogo Sun, its South African hotels and gaming associate, with Gold Reef Resorts Ltd. have been fulfilled or waived and accordingly, the transaction has become unconditional.
-Closing of the transaction is expected to take place on Feb. 24 and will be effected through the acquisition by Gold Reef of Tsogo Sun in exchange for the issue of new shares in Gold Reef.
-SABMiller will exchange its 49% interest in Tsogo Sun for a 39.7% interest in the enlarged Gold Reef/Tsogo Sun business, which will continue to be listed on the JSE and whose name will be changed to Tsogo Sun Holding Ltd.
-SABMiller shares closed in London Thursday at 2089 pence valuing the company at GBP33.13 billion.