Betfair, Paddy Power shareholders approve merger proposal

A followup to LeapRate’s story of the proposed acquisition of Betfair Group Ltd (LON:BET) by Paddy Power plc…

Shareholders in both companies today voted in favor of the proposed scheme of the merger.

The deal is set to close in the first quarter of 2016, pending certain conditions, such as sanction of the Scheme by the Court and CCPC approval. Last week, the UK Competition and Markets Authority (CMA) announced that it has decided not to refer the merger to a Phase 2 investigation under the provisions of the Enterprise Act 2002, thus giving its consent for the deal to proceed.

The merger will lead to the creation of a new combined entity, named Paddy Power Betfair plc, which is forecast to achieve recurring annual pre-tax cost synergies of approximately £50 million.

You can view the official announcement from Betfair by clicking here.

You can view the official announcement from Paddy Power by clicking here.

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