Merger Update (9473C)
March 15 2011 - 3:13AM
UK Regulatory
TIDMPRTY TIDMTTM
RNS Number : 9473C
PartyGaming Plc
15 March 2011
15 March 2011
Announcement by bwin Interactive Entertainment AG ("bwin")
Below is the text of an announcement issued today by bwin.
Merger between bwin and PartyGaming planned to complete on 31
March 2011
Merger plan requirements now met in Austria
Vienna, 15 March 2011 -Following the almost unanimous approval
of the merger at the extraordinary general meetings of both bwin
Interactive Entertainment AG (bwin) and PartyGaming Plc.
(PartyGaming) on 28 January 2011, the proposed merger was formally
entered into the companies' register by the Vienna Commercial Court
on 15 March 2011. Subject to the formal approval from the supreme
court in Gibraltar, the merger is expected to complete on 31 March
2011.
Share trading on the stock exchange
bwin shares (ISIN AT0000767553) will cease trading on the Vienna
Stock Exchange at close of business on 25 March 2011. For
administrative reasons, trading in bwin shares on the Vienna Stock
Exchange must be suspended for three days prior to completion and
also on the day of completion itself (31 March 2011). On 1 April
2011, existing bwin shareholders will receive 12.23 bwin.party
depositary interests (ISIN GI000A0MV757) for each bwin share free
of charge. These depository interests can then be traded on the
London Stock Exchange under the ticker symbol BPTY.L.
The exchange ratio of 12.23 bwin.party depositary interests for
each bwin share will result in so-called 'fractional entitlements',
rights to fractions of bwin.party depositary interests that cannot
be traded on the London Stock Exchange. In accordance with the
terms of the merger, these entitlements will be disposed of, and
the proceeds of sale credited to the original beneficiaries (former
bwin shareholders) in a process that may take up to two weeks. The
disposal of fractional entitlements is also without cost to bwin
shareholders.
Anti-trust approvals received
Following the approval of the merger in Germany by the Federal
Cartel Office and in Austria by the Federal Competition Authority,
bwin has now also received anti-trust approval from the relevant
authorities in Romania.
Dividend
The new bwin.party depositary interests will carry a dividend
entitlement with effect from 1 January 2010. The company's dividend
policy will be determined by the new board of bwin.party digital
entertainment plc over the next few months.
About bwin
The bwin Group has over 20 million registered customers in more
than 25 core markets. On a number of different platforms, the Group
offers sports betting, poker, casino games, soft and skill games,
as well as audio and video streams of top sporting events such as
the German Soccer League. The holding company, bwin Interactive
Entertainment AG is listed in the ATX on the Vienna Stock Exchange
(ID code BWIN, Reuters ID code BWIN.VI), and as the parent company
provides various services such as software development, marketing,
communications, human resources and finance for its subsidiaries
and associated companies. The operational business of the bwin
Group is carried out by subsidiaries and associated companies on
the basis of licences issued (e.g. France, Italy and Gibraltar).
Full details about the Company can be found on its investor
relations website at www.bwin.org.
Contact information:
Press
Matthias Winkler
Chief Communications Officer
P: +43 (0)50 858-20067
E: press@bwin.org
Investors
Konrad Sveceny, Investor Relations
P: +43(0)50 858-20017
E: investorrelations@bwin.org
bwin Interactive Entertainment AG
Borsegasse 11
1010 Vienna, Austria
www.bwin.org
This information is provided by RNS
The company news service from the London Stock Exchange
END
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