Betfair, Paddy Power gain court approval ahead of merger
Betfair and Paddy Power have announced that they have received approval from the High Court of Justice of England and Wales regarding their proposed merger, with the new combined company due to begin trading tomorrow (Tuesday).
Betfair and Paddy Power have announced that they have received approval from the High Court of Justice of England and Wales regarding their proposed merger, with the new combined company due to begin trading tomorrow (Tuesday).
Having first announced the proposed deal in September, shareholders of both Betfair and Paddy Power voted in favour of the merger in December.
The companies have now been handed a further boost after the High Court of Justice of England and Wales made an order sanctioning the merger scheme set out by the two bookmakers.
Last month, Betfair and Paddy Power also secured approval from Ireland’s competition regulator.
“The Scheme Record Time, by reference to which the Betfair Shareholders will receive 0.4254 New Paddy Power Betfair Shares per Betfair Share, is 6.00 p.m. on Monday, 1 February 2016,” Betfair said in a statement.
“It is therefore intended that trading in the Betfair Shares on the London Stock Exchange's market for listed securities and the listing of the Betfair Shares on the Official List will be cancelled with effect from 8:00 a.m. tomorrow. “New Paddy Power Betfair Shares being issued to Betfair Shareholders pursuant to the Scheme will be admitted to listing and trading on the London Stock Exchange and Irish Stock Exchange at 8.00 a.m. on Tuesday, 2 February 2016.”
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