UK bookmaker Betfred has made a takeover offer of as much as R925m for horse-racing group Phumelela, which is trying to emerge from business rescue.
Phumela sought protection from creditors’ say against itself or its assets in May after the Covid-19 pandemic struck amid weak operational performance.
In the offer, Betfred will pay between R875m and R925m for all of Phumelela and it will throw in another R650m to settle creditors say.
“Our intention with this offer is to reinvigorate a struggling industry and, in doing so, facilitate economic growth, job creation and access to international markets and best practices,” Betfred said in a bid document dated August 25 and posted on Phumelela’s website.
Creditors are due to vote on Phumelela business rescue plan at the beginning of September. The offer would lapse if creditors do not accept it at the meeting.
Betfred is one the biggest bookmakers in the UK with more than 1,500 betting offices.
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