LONDON (Alliance News) - Interactive gaming company NetPlay TV PLC said Thursday it has agreed to a GBP26.4 million takeover offer from Swedish online gambling firm Betsson AB.
The offer values NetPlay shares at 9.0 pence each, a 13% premium to their 8.00p closing price on Wednesday. Shares in NetPlay were up 11% at 8.85p Thursday.
NetPlay said its directors will recommend the deal to shareholders and have irrevocably undertaken to vote in favour of the takeover.
Betsson currently has irrevocable undertakings and letters of intent to accept the offer representing 39% of NetPlay shares. The takeover requires 75% shareholder approval at NetPlay's general meeting.
"NetPlay has developed into the UK's largest interactive TV gaming company, and its complementary fit with Betsson will ensure that the company is best placed to capitalise on future growth opportunities. A combination with Betsson would allow NetPlay to best utilise the enlarged group's assets to enhance the gaming experience for its customers," said Bjarke Larsen, chief executive of NetPlay.
"With the changing market dynamics and as the market continues to consolidate, we believe now is the right time to take advantage of this opportunity to realise value for all of our shareholders," added Larsen.
By Adam Clark; adamclark@alliancenews.com
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