The shareholders of Paddy Power (ISE:PLS) have today voted almost unanimously in favour of buying the remaining Sportsbet shares that currently exist. Following the earlier general meeting in Dublin this morning, COO with the Irish operator, Breon Corcoran, told eGaming Review that the acquisition of the remaining 39.2% of the shares that exist, was supported by a nearly full unanimous vote.
Paddy Power gained acquisition of about 51% stock share in Sportsbet. Sportsbet is licensed primarily in Australia’s northern regions. Paddy Power also acquired 9.8% additionally in the earlier part of 2010. This all took place before agreeing to AU$132.6m for the remaining amount of shares in December.
The buyout was approved earlier in the week by the Australian Foreign Investment Review Board. The approval from the current shareholders was the last obstacle to overcome before it could be considered complete.
The whole payment of 100.9m Euros was subsequently divided into smaller portions of 83.8m Euros in cash. This was divided with the issue of 14.1m Euros in new shares with mind payed to the 3m Euro obligations that were due to specific Sportsbet employees.
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