Centrebet International Limited (CIL) announces that it has entered into a Scheme Implementation Agreement with Sportingbet plc and Sbet Australia Pty Limited, a wholly-owned subsidiary of Sportingbet, under which it is proposed that Bidder will acquire all of the outstanding ordinary shares and performance rights in Centrebet under two separate inter-conditional Schemes of Arrangement. Under the terms of the Schemes, Centrebet shareholders and performance rightholders will receive a cash consideration of A$2.00 per Centrebet Security, valuing Centrebet equity at approximately A$183 million. The Cash Consideration is intended to be financed by way of a £65 million underwritten issue of ordinary shares and a £65 million issue of convertible bonds, for which firm binding orders have been received by Sportingbet.
Michael McRitchie, Centrebet Managing Director, said: “The offer is demonstrably attractive and a combination with Sportingbet will make Centrebet a stronger business in the Australian market. I am excited about the ability of the merged group to take advantage of the opportunities in the current market.”
Centrebet commenced operations in 1992 and in 1996 was the first licensed bookmaker in the Southern Hemisphere to offer online sports betting. Centrebet is now a leading International online wagering and gaming operator offering fixed odds betting on a wide variety of Australian and International sporting, racing, entertainment and political events, as well as online poker and casino products. Sportingbet is a UK based online sports betting and gaming group primarily operating in Europe and Australia.