Sportingbet suspends share trading

 

London-listed online sportsbook and gaming operator Sportingbet has announced that its shares have been suspended from trading as its proposed purchase by British betting giant William Hill and fellow sportsbook provider GVC Holdings continues.

 

Sportingbet reached an agreement in late-December to sell its entire Australian business in addition to ‘certain other assets’ to William Hill Party Limited, which is a subsidiary of London-based William Hill, with the remainder going to GVC Holdings for a total consideration of £485 million.

 

“The board of Sportingbet notes that the listing of Sportingbet shares and Sportingbet convertible bonds has today been suspended,” read a statement issued by Sportingbet on Wednesday.

 

“Following completion of the offer, these listings will be cancelled.”

 

Sportingbet stated that its deal with William Hill and GVC Holdings remains subject to ‘the satisfaction or waiver of certain conditions set out in the scheme document published on January 25’ while it anticipates completion ‘on or around’ March 19 with cancellation of its shares taking place the next day followed by the annulment of its convertible bonds on March 22.

 

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