Online Irish Sportsbook Bids for IAS Assets

Published Wednesday, June 03, 2009 -

International All Sports Limited is a world-leader in the global betting and gaming market, with an annual turnover of over $1.2 billion. As stated on their web site, this company is a strong one. It's subsidiary the IAS Group has just affirmed a take over bid for it's assets by Sportsbet which is 51 % owned by online sportsbook Paddy Power. International shareholders agreed a share price of .60 cents is confirmed.

Mark Read owns 19 per cent of the public betting company and Paddy Power is taking 19.98 per cent through its 51 per cent stake in Sportsbet. That makes Mr. Reads position very good. He stands to collect close to $11.6 million.

Gambling rival Centrebet last year bid a mere .33 cents per share for International All Sports. It is doubtful a new offer will come from Centrebet.

Chairman of the Board for IAS Barry Coulter was delighted with the deal, saying he was proud that Paddy Power and Sportsbet believed the company he founded in 1995 would be a valuable addition to their existing business. If shareholders approve the takeover it is likely to be completed by October 8, 2009.

The IAS acquisition will make Sportsbet a leader in Australia's wagering world. $2 billion last year was the combined turnover for the two companies. Who knows where it will go from here. ISA shares are stuck in a trading halt since yesterday at .50 cents. Mr. Barry Coulter CEO of IAS recommended highly the take over bid to the shareholders in the absence of any other offers.

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