Will Hill Receives Nod for Sportingbet Acquisition

An announcement came this week that the Northern Territories Commission and the Australian Foreign Investment Review Board gave their approval to William Hill PLC and GVC Holdings PLC regarding ownership of the Sportingbet Australian business, explaining that conditions of the offer have been satisfied. In a separate statement, William Hill Australia and GVC noted that the see-through cash value to be attributed under the Offer to the Sportingbet Convertible Bonds is being revised to GBP141,000 (previously GBP134,146) for each GBP 100,000 in principal amount of Sportingbet Convertible Bonds held, which means that the aggregate value of this revision is approximately GBP 5.5 million. The next step in the process is the Sportingbet Shareholder General Meeting and the Bondholder General Meeting for Sportingbet Convertible Bondholders which will be held on February 21, 2013.