Southern Sun competitors withdraw request to intervene in merger

15 June 2016 - 16:01 By TMG Digital

Two companies in the hospitality sector have withdrawn their request to be given an opportunity to intervene in an upcoming merger hearing‚ whereby Southern Sun Hotels Pty‚ wholly-owned by Tsogo Sun Holdings‚ would acquire listed Hospitality Property Fund.Argute Consulting and Tourvest Holdings said on Wednesday that they had reached agreements with the merging parties regarding their concerns.Argute and Tourvest said they would still make themselves available to the Competition Commission when the Commission presented its case at the hearing.One of the concerns the two companies had raised was the possibility that their existing leasing agreements would not be renewed.The Competition Commission has recommended to the Tribunal the conditional approval of the merger. The granting of an intervention would have allowed Argute and Tourvest to present their argument to the Tribunal and to cross examine witnesses.The Commission has taken into consideration other third party concerns in its conditions...

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