Sun International (South Africa) Ltd. made an offer to acquire the remaining 33.47% stake in Real Africa Holdings Ltd. (JSE: RAH) from Utish Investments (pty) Limited, Grand Parade Investments Limited (JSE: GPL) and other shareholders for approximately ZAR 510 million on May 13, 2011. The proposed offer consideration amounts to 408 cents per RAH ordinary share payable in cash. In a related transaction, Sun International Ltd. (JSE: SUI) signed a binding agreement to acquire additional 21.1% stake in Worcester Casino (Proprietary) Limited for ZAR 15.2 million and additional 4.9% stake in Sunwest International (Pty) Ltd. for approximately ZAR 250 million from Grand Parade Investments Limited (JSE: GPL) on May 13, 2011. Pursuant to the transaction, Sun International (South Africa) Ltd. will own 100% stake in Real Africa Holdings. As of August 30, 2011, Sun International submitted an expression of interest letter to the RAH Board (the Sun International Proposal) wherein it has confirmed its interest in making an offer to the shareholders of RAH to acquire all of the issued ordinary share capital of RAH that Sun International does not already own. Sun International (South Africa) Ltd. made a revised offer to acquire the remaining 33.47% stake in Real Africa Holdings Ltd. (JSE: RAH) from Utish Investments (pty) Limited, Grand Parade Investments Limited (JSE: GPL) and other shareholders for approximately ZAR 530 million on December 1, 2011. As on December 5, 2011, the circular was posted to the Real Africa shareholders. As of December 6, 2011, the transaction became unconditional with the approval of JSE and TRP. The transaction is subject to the fulfillment of the precondition that by no later than December 15, 2011, the agreement between Sun International and Grand Parade Investments relating to the acquisition of additional stakes in Worcester Casino and Sunwest International are to be signed and must have become unconditional in accordance with their terms, except for any condition relating to the acquisition of additional stake in Real Africa Holdings becoming unconditional. The transaction is also subject to approval by Grand Parade and Sun International shareholders, conclusion of agreements to give effect to the proposed restructure including the necessary sale agreements for the sale of shares in Worcester Casino (Proprietary) Limited and Sunwest International (Pty) Ltd, the new management and royalty agreements and cancellation agreement for the existing management contracts, consent by the funders of Grand Parade to release those shares, which will be sold as part of the proposed restructure, from the cession and pledge agreements to which they are currently subject, and approval from the JSE, the Takeover Regulations Panel, the Competition Authorities and relevant Gambling or Gaming Board. The RAH Board unanimously recommend that the RAH shareholders accept the offer. Bernadt Vukic Potash & Getz acted as the legal advisor and Leaf Capital (Pty) Ltd. acted as the financial advisor to Grand Parade Investments Limited. KPMG Services acted as fairness opinion provider and Bowman Gilfillan acted as the legal advisor to Real Africa Holdings. Investec Bank acted as the financial advisor and Edward Nathan Sonnenbergs acted as the legal advisor to Sun International. Sun International (South Africa) Ltd. completed the acquisition of the remaining 33.47% stake in Real Africa Holdings Ltd. (JSE: RAH) from Utish Investments (pty) Limited, Grand Parade Investments Limited (JSE: GPL) and other shareholders on January 27, 2012.