LONDON (Alliance News) - Barclays Bank PLC on Tuesday said it has completed the accelerated bookbuilt offering to investors of 8.0 million shares in Betfair Group PLC at GBP32.50 each.
On Monday, the bank announced that it had launched the bookbuild on behalf of LE PEIGNÉ SA and Rothschild Wealth Management (UK) Ltd acting on an agency basis for Betfair shareholders that are connected to Betfair Co-Founder Edward Wray.
It said at the time that the number of shares to be placed was 7.4 million, but on Tuesday said that this increased to 8.0 million owing to strong investor demand, 5.0 million of which were on behalf of LE PEIGNÉ, and 3.0 million on behalf of Rothschild and the Wray shareholders.
Barclays acted as the sole bookrunner in the placing and NM Rothschild & Sons Ltd acted as financial adviser to LE PEIGNÉ and the Wray shareholders.
LE PEIGNÉ and the Wray shareholders have agreed to lock up those shares not sold in the placing for 90 days from the closing of the placing. They said they "remain very supportive" of Betfair and its proposed merger with Paddy Power PLC.
Betfair will not receive any proceeds from the placing.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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