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Sportingbet's takeover of Centrebet only days away.

UK-BASED online betting operator Sportingbet are only days away from taking over their Australian competitor Centrebet, after the Federal Court gave the go-ahead, writes Howard Wright.

Last week Centrebet shareholders accepted the $2-per-share offer, valuing the company at the equivalent of pounds 116 million, subject to legal clearance of two schemes of arrangement under Australian law, which was given at the second court hearing.

Court orders will be lodged today with Australia's equivalent of the London stock exchange, the Securities & Investments Commission, and the schemes are expected to be implemented in eight days' time.

At that stage Centrebet will become a wholly-owned subsidiary of Sportingbet's Australian arm, Sbet Australia Pty Ltd, and the cash consideration, plus two further payments to Centrebet shareholders under a goods and services tax claim, will be handed over.

The deal was first made public by Sportingbet on May 26, since when the company has admitted being in preliminary talks with Ladbrokes about a possible takeover.

Shares in Sportingbet were down 1.25p, at 51.25p, at the close of business yesterday.
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Title Annotation:Sports
Publication:The Racing Post (London, England)
Date:Aug 24, 2011
Words:176
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