Possible Sportingbet Buyout in the Works

By Kory Travers | February 26, 2008

In March 2007, word came out that Sportingbet had a suitor.Austrian gambling company, and owner of the Ongame network, bwin, was interested in purchasing the UK-based online gaming firm.By July 2007, talks had ceased and no deal was made.

Now, almost a year after the rumblings of a buyout started, the same reports are springing up again.Sunday Express, a UK paper, has said that bwin will make a £290 million offer to purchase Sportingbet.At 70p per share, this works out to be more than a 50 percent premium over Sportingbet’s stock price entering Monday’s trading.By the market close on Monday, Sportingbet shares had risen almost 10 percent.

bwin shares were largely unaffected on the news.

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