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21 September 2011
Bingo News: Ladbrokes still keen on Sportingbet
Sportingbet has recently finalised a deal to buy Centrebet International Limited, one of their Australian rivals. The deal took nearly 4 months to complete and eventually Sportingbet bought Centrebet for $183 million. There are rumours that they are also pursuing Gaming VC Holdings SA for the sale of it's Turkish business.
A statement was released on behalf of Centrebet stating; “Talks between Sportingbet and Ladbrokes are still continuing and a further announcement will be made in due course.”
Changes to the Takeover Code have recently been implemented which means Ladbrokes has until 17th October to make clear their intentions with regards to the purchase of Sportingbet. This deadline can only be extended by the Takeover Panel so a decision should be made within the next couple of weeks. New laws have been introduced to the UK pertaining to Mergers and Acquisitions, these allow potential buyers 28 days to make a bid on a company.