The Australian online gambling scene lit up last week as news emerged of a A$18.6 million hostile takeover attempt by Centrebet on International All Sports group. If successful the attempt would make Centrebet one of the largest corporate bookmakers in Australia.
The cash offer will increase to A$29.91 million if Centrebet manages to acquire more than 90 percent of the issued share capital of IAS.
Centrebet’s chairman, Graham Kelly, corresponded with IAS shareholders last week, describing his company’s offer as “…an extremely attractive opportunity” and characterising IAS as “…a poorly performing company”.
His letter offered the opinion that would have difficulty in achieving profitability and rewards for its shareholders in the face of aggressive competition from larger domestic and international online wagering companies, the adverse impact of the introduction of product fees in Australia and prevailing economic conditions.
IAS shares initially surged up over 87 percent on news of the takeover attempt, but the board of IAS responded by calling on shareholders not to take any action, informing them that it had refused Centrebet’s request to release it from the confidentiality and standstill obligations it had entered into previously when Centrebet lodged a bid for its IASBet Australian bookmaking arm.
The strong performance of the company’s IASBet operation relative to its loss-making CanBet non-Australian operation is thought to be behind the directors’ stated belief that the proposal “significantly undervalues the shares of IAS.” While CanBet’s A$8 million loss for the year to June 2008 dragged the company to an overall loss of A$3.8 million, IASBet posted a 21.3 percent growth in turnover and a 56.9 percent increase in EBITDA.
888 OnlineTogel HongkongCasino Scoops Another Award
February 16 – For the second year in a row, Gambling Online Magazine has awarded 888.com online casino with their Top Casino of the Year award as voted by players.
The magazine is distributed to casino players, making the award that much more significant for its recipients,
“It is always such an honor to win an independent awards” said Matt Robinson, Vice President of Marketing at 888. “T o receive the Top Casino Award at the Gambling Online Magazine awards is a tremendous distinction as it is voted by the readers of that community.”
This award follows a mere five months after the group won three awards at the prestigious eGaming Awards (eGaming Review Magazine). Those awards were for “Land Links Partnership of the Year”, Bingo Operator of the Year and Overall Operator of the Year.
And that’s not all, in October of last year, 888.com also won two other awards at the Leisure Report Awards, and in November they won an award for their Magazine, Eight.
“Indeed, this reward has tremendous relevance,” continued Robinson, “because it is voted by those who actually play our casino games and by those who have also experienced our competitors’ efforts, so it is a true reflection of our place at the top of the hierarchical tree in today’s casino market place.”
“I am proud that the readers of Gambling Online Magazine regard 888 as the top casino in the sector,” concluded Robinson, “and thank them for voting for us. Winning this award, and the six other awards this year, is a strong validation of our continued commitment to delivering on our core values of excellence, innovation, caring, customer centricity, leading and collaboration.”