Paddy Power to send Betfair merger prospectus to investors

PaddypowerShareholders in Paddy Power will receive a detailed prospectus outlining plans and initiatives for the company’s planned £6.4 billion merger with rival Betfair.

Investors are set to receive the prospectus, ahead of voting on the deal at an extraordinary general meeting.

At present, Ireland’s Competition and Consumer Protection Commission’s (CCPC) is set to complete its Phase 1 competitor review by December 1.

Promoting fair competition for industry consumers the UK Competition and Markets Authority (CMA) has opened commentary by concerned parties on the proposed merger, with its deadline for submissions set for November 20th.

The CMA is expected to deliver its merger decision regarding ‘Paddy Power Betfair Plc’ on 7 January 2016.

Should Paddy Power – Betfair clear UK and Ireland regulatory hurdles with no delay and gain merger consent from investors, both operator governances have stated that they view to finalise the merger by March 2016.

The new business entity will be led by Betfair CEO Breon Corcoran with his opposite number at Paddy Power Andy McCue becoming Chief Operating Officer.  

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