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One of the major leaders in the world with regard to the global betting and gaming market is International All Sports Limited. They boast an annual turnover of over $1.2 billion. Just as they say on their website, the company is a strong one. The IAS Group, it's subsidiary, has just confirmed that is undergoing a take over bid for it's assets. This is coming from Sportsbet, the company that is 51 % owned by online sportsbook Paddy Power. International shareholders have brought the share price to a confirmed $.60.
19 per cent of the public betting company is owned by Mark Read and Paddy Power is buying 19.98 per cent through its 51 per cent stake in Sportsbet. This means that Mr. Read’s position is very good. He could collect as much as $11.6 million.
Last year, (inaudible) bid for International All Sports, gambling rival Centrebet bid a mere .33 cents per share. It is doubtful that Centrebet will be making any new offer soon.
Barry Coulter, who is the chairman of the board for IAS has expressed his delight with the deal. He notes that he is proud that Paddy Power and Sportsbet believe that the company that he founded in 1995 would stand as a possible valuable addition to their existing business. The takeover could be completed by as soon as October 8th, 2009 if approved by the shareholders.
Through this IAS acquisition will Sportsbet become a leader in Australia's wagering world. The combined turnover for the two companies last year was $2 billion. There is no telling where it may go from here. Since yesterday ISA shares have been stuck in a trading halt at .50 cents. IAS CEO Mr. Barry Coulter in the absence of any other offers, recommended highly the take over bid to his shareholders.
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