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CentreBer - Ias Hostile takeover attempt reported
The Australian online gambling scene lit up last week as news emerged of a A$18.6 million hostile takeover attempt by Centrebet on International All Sports group. If successful the attempt would make Centrebet one of the largest corporate bookmakers in Australia.
The cash offer will increase to A$29.91 million if Centrebet manages to acquire more than 90 percent of the issued share capital of IAS.
Centrebet’s chairman, Graham Kelly, corresponded with IAS shareholders last week, describing his company's offer as “...an extremely attractive opportunity” and characterising IAS as "...a poorly performing company”.
His letter offered the opinion that would have difficulty in achieving profitability and rewards for its shareholders in the face of aggressive competition from larger domestic and international online wagering companies, the adverse impact of the introduction of product fees in Australia and prevailing economic conditions.
IAS shares initially surged up over 87 percent on news of the takeover attempt, but the board of IAS responded by calling on shareholders not to take any action, informing them that it had refused Centrebet’s request to release it from the confidentiality and standstill obligations it had entered into previously when Centrebet lodged a bid for its IASBet Australian bookmaking arm.
The strong performance of the company’s IASBet operation relative to its loss-making CanBet non-Australian operation is thought to be behind the directors’ stated belief that the proposal “significantly undervalues the shares of IAS.” While CanBet’s A$8 million loss for the year to June 2008 dragged the company to an overall loss of A$3.8 million, IASBet posted a 21.3 percent growth in turnover and a 56.9 percent increase in EBITDA.
Gambling News :
Oink Country Love Slot Launches -
Oink Country Love will have players tapping their feet to the country beat with the lovable Oink Bros, Willy and Chancho, who are trying to win over the heart of Miss Southern Charm in this five by three reel, 45-line online slot.
Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.
Sensational Sixes Slot Goes Live -
Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!
3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
Pokerstars Pulls Out Of Coloumbia -
Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.
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