Sun International has RAH firmly in its sights

Johannesburg – Sun International, South Africa’s biggest hotel operator, said it will proceed with a bid to buy Real Africa Holdings (RAH) for R2.2 billion, defying opposition from Real Africa directors.

Sun International has received the support of about 25.6 percent of Real Africa’s shareholders for its R5.90 a share bid, the hotelier said in a statement to the Johannesburg Stock Exchange on Friday.

Allan Gray has said it will recommend the offer to its clients, who hold about 25.2 percent of Real Africa.

Real Africa on April 12 rejected the bid, saying it undervalued the company.