SBC News Voice of the Sports Betting Industry
Issuing a short statement on Friday (27 November), Paddy Power Plc and Betfair Group Ltd have both announced that the planned £6.2 billion merger deal will be put to vote on 21 December.
Both operators are set to host ‘extraordinary meetings’ in which investors will cast their votes on whether to progress the merger.
Preparing for their shareholder vote, Paddy Power governance sent out a detailed merger prospectus on 18 November outlining plans, initiatives and enterprise cost savings.
The operator has detailed that it expects to clear its Irish Competition and Consumer Protection (CCP) Phase 1 review by 1 December, giving it regulatory approval to merge with Betfair.
Detailing Betfair’s six month corporate performance last week, CEO Breon Corcoran stated that the operator was on course to complete the merger by Q1 2016, subject to shareholder and regulatory approval.
Hosting its shareholder vote on 21 December at 11:00 (GMT) at its Waterfront Hammersmith HQ, Betfair governance will look to clear the final hurdle in order to begin its merger. Paddy Power governance will host a general meeting at the same time at its Belfield Park Dublin Office.
