Court Approves IAS Acquisition by Paddy Power’s Sportsbet18th September 2009 8:06 am GMT
Paddy Power's Sportsbet has this morning completed the acquisition of Australia's International All Sports after the Supreme Court of Victoria officially authorised the scheme of arrangement between the two bookmakers, the final condition required to complete the deal following approval by IAS shareholders earlier this week.
The scheme becomes legally effective on Monday September 21st, once an office copy of the Court's order is lodged with the Australian Securities and Investment Commission.
As a result, trading in IAS' shares on the ASX will cease at the close of trading on that day, following the company's request yesterday for an immediate trading halt on its securities under rule 17.1 of the ASX Listing Rules.
Earlier this week IAS held a meeting of shareholders to consider the scheme of arrangement involving Sportsbet acquiring all of the remaining shares in the company, a move which shareholders voted unanimously in favour of, with the final transfer of shares now set to be concluded by October 1st.
IAS has also announced the appointment of two additional directors to the company's Board, Grant Griffiths and Cormac Barry, both nominated by Sportsbet.
Shares in International All Sports Limited (Co. Profile) (ASX:IAS) closed earlier today at AUD$0.595 per share in Sydney.