Real Africa Holdings on Wednesday rejected Sun International's R2.2-billion offer, saying the cash bid was unacceptable and undervalued the investment firm.

Since Sun International announced its intention last month to buy Real Africa, the casino operator has been snapping up hundreds of thousands of Real Africa shares on the open market, Business Day reported on Thursday.

Real Africa's primary investment is a 66.2 percent interest in Afrisun Leisure Investments, which holds minority interests in a number of Sun International subsidiaries.

Sun International said it would decide on May 10 whether to continue with its bid for the investment firm.

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