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William Hill plc And GVC Holdings Plc To Acquire Sportingbet Plc


Thursday, 20 Dec 2012 12:15pm EST 

William Hill plc, GVC Holdings plc and Sportingbet plc announced that they have reached agreement on the terms of a recommended offer pursuant to which GVC will acquire the entire issued and to be issued share capital of Sportingbet and members of the William Hill Group will acquire the Sportingbet Australian Business and certain other assets from the Sportingbet Group and be granted a call option over the Sportingbet Spanish Business (the "Offer"). On this basis, the Offer values the entire issued and to be issued share capital of Sportingbet on a fully diluted basis (assuming payment in full to Sportingbet Convertible Bondholders of the Sportingbet Convertible Bonds at their see through conversion value and exercise of all outstanding in the money options and LTIP awards) at approximately GBP485 million. Under the terms of the Offer, Sportingbet Convertible Bondholders will be entitled to receive in cash the amount that represents the see through value of the Sportingbet Convertible Bonds under their terms as if the Sportingbet Convertible Bondholders had exercised their right to convert their bonds into Sportingbet Shares at the Effective Date and received cash consideration of 55 pence per resulting Sportingbet Share. The cash amount payable to Sportingbet Convertible Bondholders will be calculated based on the Change of Control Conversion Price. Sportingbet Convertible Bondholders will not be entitled to participate in the Mix and Match Facility. 

Company Quote

322.1
1.4 +0.44%
17 Apr 2014