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TOTAL SPORTSBET ACQUISITION BACKED BY SHAREHOLDERS
Posted 2/22/11 : Near unanimous vote on remaining minority stake
The Irish Times reports that Irelands largest bookmaker Paddy Power's shareholders have given their near unanimous vote at an extraordinary general meeting held in Dublin to purchase the remaining minority stake in Australian bookmaker Sportsbet.
Paddy Power acquired 51 percent in Sportsbet in May 2009, an additional 9.8 percent in February 2010 and further announced in December 2010 its intention to take up the remaining 39.2 percent for a consideration of AUS$132.6 million.
Paddy Power will make an additional AUS$25 million if Sportsbet's EBITDA exceeds AUS$80 million.
Patrick Kennedy, Chief Executive, Paddy Power told shareholders that the rationale for the deal is both strategic and financial in that taking full control of Sportsbet will increase Paddy Power's exposure to the fast-growing Australian market and to one of the top performing developed economies and that the acquisition will be earnings enhancing from the start.
Gambling News :
US$30M DUBAI WORLD CUP -
Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines
NHL Odds: Forsberg Faces Elliott in Nashville -
The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.
NBA Odds: Hawks, Wiz in Southeast Showdown -
The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.
NBA Odds: Clippers Try to Slow Down Bucks in LA -
Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.
NHL Odds: Canadiens Welcome Islanders Tonight -
The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.
NHL Odds: Reeling Flyers Seek Relief in Pittsburgh -
#nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.
Dollars to Donuts Slot Launch -
Firstly, it's a classically styled, easy playing 3-reel with five pay lines featuring a traditional icon set of bars and sevens.
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