A short note on the proposed acquisition of Betfair Group Ltd (LON:BET) by Paddy Power plc…
The companies today announced that the proposed deal will be put to vote on December 21, 2015.
To become effective, the Scheme of arrangement of the deal will need to be approved at Betfair’s Court Meeting and will require the passing of a special resolution at the Betfair General Meeting.
The Court Meeting and the Betfair General Meeting will be held at the offices of Betfair Group plc located at Waterfront, Hammersmith Embankment, Chancellors Road, London W6 9HP, on Monday, 21 December 2015. The Court Meeting will start at 11.00 a.m. and the Betfair General Meeting will start at 11.15 a.m. (or as soon thereafter as the Court Meeting has been concluded or adjourned).
An extraordinary general meeting of Paddy Power shareholders will be held at Power Tower, Belfield Office Park, Beech Hill Road, Clonskeagh, Dublin, DO4 V972, Ireland at 11:15 a.m. on 21 December 2015.
Paddy Power plc and Betfair agreed on details of the deal in September. The merger is set to lead to the creation of a new combined entity, named Paddy Power Betfair plc, expected to deliver recurring annual pre-tax cost synergies of approximately £50 million.
To view the announcement from Betfair, click here.