Following the court approval of the proposed merger of online betting operators Paddy Power plc and Betfair Group plc, the deal was today completed. As a result, there is a new combined entity named Paddy Power Betfair plc, operating from https://www.paddypowerbetfair.com. Trading in the Betfair Shares on the London Stock Exchange's market for listed securities and…
Read moreShortly after the proposed merger of Paddy Power plc and Betfair Group Ltd (LON:BET) secured the nods of approval of the UK Competition and Markets Authority (CMA) and Ireland’s Competition and Consumer Protection Commission (CCPC), the deal got the approval of a UK court. The High Court of Justice of England and Wales has today…
Read moreA 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…
Read moreBetfair shareholders will be entitled to receive 0.4254 shares in newly created Paddy Power Betfair in exchange for each Betfair share.
Read moreUnder the terms of the agreement, Betfair shareholders will own 48%, and Paddy Power shareholders will own 52% of a new entity called Paddy Power Betfair plc.
Read moreLondon's multilateral trading facility for FX made significant progress during 2013's period of high volumes, however a loss was still present by the end of the year.
Read moreTradefair asks its clients to switch to GFT UK, which is in process of being acquired by Gain Capital. Things keep going from bad to worse at UK spreadbetting firm London Capital Group (LON: LCG). After switching CEOs twice this year, enduring acquisition rumors which fizzled out, and reporting disappointing first half results, now comes…
Read moreLMAX CEO David Mercer: "We need to be in New York in the next 12 to 18 months." UK-based institutional FX broker LMAX, which dubs itself a 'multi-lateral trading facility for foreign exchange', in indicating its intention to open a US operation by the end of 2014. In a posting on its website, LMAX CEO David…
Read moreLCG shares shoot up 11% on Monday with no apparent new news. After we saw shares of ICAP and IG Group rise last week following some healthy January volume reports, today's turn for a buying frenzy goes to London Capital Group. LCG shares traded up more than 11% on Monday, now sitting at £0.40. The company's…
Read moreLMAX lost another £4.5 million in the first six months of fiscal '13. LMAX's spinoff to management (backed by ex-Betfair Chairman Ed Wray) was certainly not unexpected, as we had blogged about Betfair's likely exit from LMAX just several days prior. But the value at which it was done, at a company valuation of just £3.6 million, with £2.4…
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