Sportingbet Eyes World Gaming For Takeover
Published: Thursday, September 07, 2006 Online-Casinos.com
SPORTINGBET EYES WORLD GAMING FOR TAKEOVER
Discussions in "...a very preliminary stage"
The corporate site at Sportingbet plc today (Thursday) carries an announcement indicating that an all share offer may be in the wind for gambling software developer World Gaming plc.
The announcement stresses that the boards of directors at World Gaming and Sportingbet are in very preliminary discussions which "...may or may not result in Sportingbet making a recommended all share offer for World Gaming."
Based on the closing price of a Sportingbet share of 244 pence per share on 6 September 2006, the offer envisaged would value each World Gaming share at an implied price of 104 pence. There can be no certainty whatsoever that agreement will be reached and an offer will be forthcoming.
The proposed transaction remains subject to due diligence by both parties which has not yet commenced.
Daniel Stewart plc which is authorised and regulated in the United Kingdom by The Financial Services Authority is acting for World Gaming in the putative deal, whilst Investec Investment Banking, a division of Investec Bank (UK) Limited acts for Sportingbet.
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