SABMiller, Gold Reef Resorts Plan $2B Casino Merger

Law360, New York (February 18, 2010, 1:47 PM EST) -- Global brewer SABMiller OKC said Thursday it had struck a $2.2 billion stock deal to merge the Tsogo Sun resorts business, in which it is a major shareholder, with South African casino company Gold Reef Resorts Ltd.

The deal would create South Africa's leading gaming company, the companies said, and Golf Reef's CEO predicted a further expansion of Tsogo Sun.

Under the deal, Gold Reef will purchase all of Tsogo Sun's current share capital and issue new shares of the expanded company.

SABMiller will exchange its...
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