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Don't have an account? Click here to register.Betfair and Paddy Power agree on merger
Tue, 08th Sep 2015 09:13
(ShareCast News) - Betting companies Paddy Power and Betfair have reached an agreement on a £5bn all-share merger.The merged entity will be called Paddy Power Betfair and Paddy Power shareholders will own 52% of the group, while Betfair shareholders will own the rest, if both sets of shareholders approve the deal.Betfair shareholders will be entitled to receive 0.4254 Paddy Power Betfair shares in exchange for each Betfair share. In addition, immediately prior to completion, Paddy Power shareholders will receive a special dividend of €80m.Gary McGann, chairman of Paddy Power, will become the chairman of the merged group, while Betfair's chief executive officer, Breon Corcoran will become CEO and executive director.Alex Gersh, chief financial officer of Betfair, will become CFO and an executive director.The company will be headquartered in Dublin and will have a premium listing on the London Stock Exchange and a secondary listing on the Irish Stock Exchange.The board will target a payout ratio of around 50% of the combined group's profit after tax and Betfair said the combined group will be able to achieve recurring annual pre-tax cost synergies of around £50m.
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27 Jan 2016 11:31
Paddy Power sees 2015 operating profit up at €180m
(ShareCast News) - Paddy Power said on Wednesday it expects to report a rise in full year operating profit before exceptional items as it announced a good end to last year. The bookmaker, which is currently in the process of merging with Betfair, expects operating profit for the year ended 31 Decemb
Read more15 Jan 2016 16:03
Paddy Power merger with Betfair gets Irish clearance
(ShareCast News) - Paddy Power's recommended merger with Betfair has received clearance from Ireland's Competition and Consumer Protection Commission. The company said it expects the merger, which was cleared by the UK Competition and Markets Authority in December, to complete on 2 February. The co
Read more17 Nov 2015 13:59
Paddy Power says momentum continuing despite adverse sports results
(ShareCast News) - Dublin-based bookmaker Paddy Power, which is set to merge with Betfair to create one of the world's largest betting and gaming companies, said trading in the period from 1 July to 15 November has been in line with its expectations following a very strong first half performance. "T
Read more6 Nov 2015 13:37
Numis upgrades Betfair and Paddy Power ahead of 'Betty' merger
(ShareCast News) - Broker Numis has upgraded Betfair and Paddy Power to a 'buy' rating as the two bookmakers close in on a merger. Despite their high valuation, the pair have a history of outperforming market expectations and the broker believes their share prices will rise as investors to revisit t
Read more3 Nov 2015 10:09
Barclays upgrades William Hill, initiates coverage of Paddy Power
(ShareCast News) - Barclays upgraded William Hill to 'overweight' from 'equalweight' and lifted the price target to 415p from 385p as it took a look at the European gaming sector. "In an industry with duplicated cost bases and where scale matters, it is no surprise consolidation is kicking-off; it i
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