28th of June 2012 Author: Johnny Karp
An off-market takeover bid for 100% confirmed
Two Way Limited, the Australian provider of interactive media and gambling applications, signed this week a non-binding Letter of Intent to merge with Priority One Network Group to confirm that it intends to make an off-market takeover bid for 100 percent of the Priority One.
Priority One operates through a network of affiliated merchants who can connect and transact with a subscriber base of debit card holders via multi-currency platform. The company would receive an agreed percentage of the each transaction value. Online betting on racing and sports would be the company's key focus area.
Roll-out of Priority One's services is expected to be improved and accelerated when combined with Two Way's expertise in deploying applications and services via IPTV, online and mobile platforms
'This is a Company-transforming deal, which provides Two Way shareholders with an attractive opportunity to become part of a much larger and well-capitalised business, with significant international opportunities,' said Stuart McGregor, Chairman of the Two Way.
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